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why is the opening balance on the deferred tax not relevant for the purpose of calculating the closing balance of it?
i stumbled upon such a problem, please do clarify the reason for the sameHi,
The opening balance is only relevant in helping us calculate the movement on deferred tax that then appears as part of the income tax expense in the year in profit or loss.
The closing deferred tax balance appears on the statement of financial position.
Hope that helps clear it up for you.
Thanks.
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