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A Deferred Tax Asset exists.
Deferred tax asset in the balance. But in actuals you have depreciated the whole asset in year 1 so in the second year. Therefore it cannot be based on a fair value of an asset that is measured at cost in the statement of financial position. It creates an opportunity for a company to carry forward it to the next year to be adjusted with subsequent profits thus reducing that years tax liability.
It is like a pre-paid tax that helps companies to reduce their future liabilities. Keep track of your business tax with instant financial reports at your fingertips with Debitoor accounting invoicing software. Deferred tax assets and liabilities are financial items on a companys balance sheet.
For example expenses that are amortized in the books over a period of time but allowed to be deducted completely in the first year. The measurement of deferred tax is based on the carrying amount of the assets and liabilities of an entity IAS 1255. Deferred tax asset should be disclosed on the face of the balance sheet under the head Non current assets after the head Non current investment.
It is worth noting here that revaluation gains which increase the carrying value of the asset and leave the tax base unchanged result in a deferred tax liability. Deferred tax liability in year 1 12000-6000 6000. Deferred tax is the amount of tax payable or recoverable in future reporting periods as a result of transactions or events recognised in current or previous periods accounts.
Deferred Tax Liability DTL or Deferred Tax Asset DTA forms an important part of Financial Statements. It is viewed as a good sign in the balance sheet of a company. The following journal entry must be passed in year 1 to recognize the deferred tax.
Firms carrying a full valuation allowance report no deferred tax assets on their. Deferred tax assetsliabilities shown in the balance sheet ANSWER Deferred tax asset of 498780- was shown in the balance sheet which is the residual figure after allowable settlement of deferred tax asset of 34223940- with deferred tax liability of 33725160-. Deferred tax assets and liabilities exist because the income on the tax return is different than income in the accounting records income per book.
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