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Dear Mike,
What to do if company recognises deferred tax asset in one year, based on assumption that future taxable profit will be available, and then comes next year and this profits are not realised, ie company incurred loss in the subsequent period?
Thank you!Petar!
Get rid of the asset! Cr Deferred Tax Asset account and debit Current Tax account so that, when you now balance the Current Tax account there will be an additional element taken to PorL
OK?
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