All of the following must be disclosed separately, except A. The aggregate amount of current and deferred tax relating to items recognized directly in equity. B. Analysis of the beginning and ending balance of deferred tax asset and deferred tax liability. C. The applicable tax rate, the basis on which the tax rate is applied and explanation for any change in tax rate. D. The tax bases of all items on which deferred tax has been calculated

Q: e journal entry required to record the tax effect of the revaluation. a. None of answers given b.…

A: Revaluation has been the process of adjusting a fixed asset class book value to its own current…

Q: Which one of the following is correct as per section 4-10 of ITAA97 tax offsets? Select one:o are…

A: The taxable income for a company is calculated by adding all the taxable revenues, and deducting the…

Q: tax allocation

A: Correct Answer 1 :- D The purpose is to relate the income tax expense to the items which affect the…

Q: Describe the Changes in Enacted Tax Laws or Rates.

A: The enacted tax rates are used. to calculate income tax amounts. Enacted or substantively enacted…

Q: Describe the types of temporary differences that cause deferred tax liabilities and determine the…

A: Deferred tax liabilities It is a type of liability that arises due to the difference between the tax…

Q: temporary difference arises when an element of income is reported for tax purposes in the period:…

A: As per IFRS deferred  tax assets and liabilities  arises on temporary  differences which  can either…

Q: current and deferred tax expense

A: Option A is correct because deferred tax expense is recognized if there is a change in the deferred…

Q: Which of the following tax accounting methods least likely defers payment of taxes?     Spread Out…

A: Spready Out method: Under this method revenue is recognised over a period of time. Lets make an…

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

A: Answer: According to data - This report discusses the main principle of tax effect accounting and…

Q: All of the following are calculated on Form 990-PF, EXCEPT:    Excise tax on investment income.…

A: It is the return of private foundation or Section 4947(a)(1) Trust Treated as Private Foundation.

Q: How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

A:

Q: Statement 1: Life insurance premiums shall be reported as a deductible expense for financial…

A: Tax is the liability that person owes to the government.

Q: or accounting and tax purposes. B. Intraperiod tax allocation is required for the effect of…

A: Option A is incorrect because Intraperiod tax allocation arises because certain temporary difference…

Q: added to the financial income in computing for the taxable income?

A: First option is wrong because the unrealizable gains from trading securities is to be deducted from…

Q: Additional disclosures are required pertaining to the income tax expense reported in the income…

A: The company must disclose all additional information regarding the income tax expenses reported in…

Q: Describe the types of temporary differences that cause deferred tax assets and determine the amounts…

A: Deferred tax liabilities It is a type of liability that arises due to the difference between the tax…

Q: How are deferred tax assets and deferred tax liabilities reported on the statement of financial…

A: Deferred tax accounts has to be reported on the balance sheet of a business. It must be classified…

Q: Additional disclosures are required pertaining to deferred tax amounts reported on the balance…

A:

Q: For reporting purposes, current deferred tax assets and current deferred tax liabilities for the…

A: Deferred Tax Liability (DTL) or Deferred Tax Asset (DTA) forms an important part of Financial…

Q: Discuss how a deferred tax provision can arise under IAS 12, Income Taxes, and the available methods…

A: the above requirement are discussed below

Q: Accounting for uncertainty in tax positions is prescribed by GAAP in FASB ASC 740–10: Income Taxes–…

A: GAAP:GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules…

Q: deferred tax asset and deferred tax liability

A: Deferred tax is the tax arises due to the differences between accounting income and taxable income.…

Q: Listed below are items that are commonly accounted for differently for financial reporting purposes…

A: The answer is stated below:

Q: How do you call a deductible temporary difference? a. Current tax asset. b. Deferred tax asset.…

A: As per IAS 12  The amount of the income taxes which will be Recoverable in future period in respect…

Q: Instructions: Using the FASB Codification, provide information from the ASC that answers the…

A: A tax position is a person's or an organization's opinion or interpretation of the tax ramifications…

Q: Do the liabilities and assets that are generated by using the 'balance sheet method' of accounting…

A: The implication of the rules of conceptual frame work will helpful to create best standard in the…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.