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Deferred tax liability and assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Deferred tax liability and assets

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Stephen Widberg.
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  • November 13, 2019 at 3:13 pm #552458
    drishti1234
    Member
    • Topics: 13
    • Replies: 9
    • ☆

    Res sir/mam,
    Can you briefly explain me deferred tax asset and liability recognition, and in what all cases temporary differences cannot be recognized as deferred tax liability and asset.

    November 13, 2019 at 4:35 pm #552482
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    Cannot set up DT for goodwill.
    Cannot set up DT asset for losses unless future profits expected.
    Other DT set up for all temporary differences. Remember that you need to know the accounting rules but not the tax ones.
    Imagine a revaluation:
    Dr PPE Cr OCI
    To sort out the tax:
    Dr OCI and therefore Cr DT liability.
    Hope this helps to get you started

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