Temporary differences: The difference between the actual taxable liability and the books of records maintained by the individual, firm or an entity is termed as temporary difference. The difference is created because of the tenure of transactions or the actual performance of transactions, flow of funds into the business or changes in the value of the asset or liability due to business situations. These differences are adjustable in future when the appropriate time for the transaction arises. To determine and record the deferred tax asset and deferred tax liability in the financial statement.

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Chapter 19, Problem 9ICA

To determine

Temporary differences: The difference between the actual taxable liability and the books of records maintained by the individual, firm or an entity is termed as temporary difference. The difference is created because of the tenure of transactions or the actual performance of transactions, flow of funds into the business or changes in the value of the asset or liability due to business situations. These differences are adjustable in future when the appropriate time for the transaction arises.

To determine and record the deferred tax asset and deferred tax liability in the financial statement.

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