Tax Flashcards
1
Q
Temporary differences are differences between
A
the carrying amount of an asset or liability in the statement of financial position and its tax base
2
Q
The difference between the carrying amount of a revalued asset and its tax base is an example of a
A
temporary difference and will give rise to a deferred tax liability or asset, which will be taken to the revaluation surplus (via other comprehensive income)
3
Q
A