Define the following terms as used in IAS 12-Income Taxes: i) Deferred tax liabilities ii) Deferred tax assets. iii) Temporary differences.

Define the following terms as used in IAS 12-Income Taxes:

i) Deferred tax liabilities

ii) Deferred tax assets.

iii) Temporary differences.

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i. Deferred tax liability-this are amounts of income tax payable in future periods in respect of tax able temporary difference.

ii. Deferred tax asset-this are amounts of income tax recoverable in the future periods in respect of deductible temporary difference.

iii. Temporary difference-this is the difference between the carrying amount of an asset or liability in the balance sheet.

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marto answered the question on February 14, 2019 at 06:41

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