WebBusiness Accounting If the carrying amount of an asset is higher than the tax base, the difference will result in deferred tax liability. Required: True or False. If the carrying … WebTax amount must not be greater than the tax base. User had created quote, delivery, and fully invoice. In sales order there are 10 line items, line item 10 material 184532 which got …

IAS 12 — Income Taxes - IAS Plus

WebIf the carrying amount of a liability is higher than the tax base, the difference is a future deductible amount and therefore there is a deferred tax asset. Definition Definition … Web⇒ Tax base $70 000 (Cost $100 000 – Accum Depn $30 000) The tax base is the future deductible amount for the asset. ⇒ Carrying amount > Tax base ⇒ Taxable temporary diff ⇒ Deferred tax liability The carrying amount ($80 000) exceeds the tax base ($70 000) resulting in a taxable temporary difference of $10 000. thomann.biz

Deferred Tax related to Assets and Liabilities arising from a Single ...

WebMar 19, 2024 · Tax base is defined as the income or asset balance used to calculate a tax liability , and the tax liability formula is tax base multiplied by tax rate . The rate of tax … Webus IFRS & US GAAP guide 8.3. Under IFRS, a single asset or liability may have more than one tax base, whereas there would generally be only one tax base per asset or liability under … WebA. Deferred tax liability B. Deferred tax asset C. Current tax liability D. Current tax asset. All of the following must be disclosed separately, except. A. The tax bases of major items on which deferred tax has been calculated B. The amount deductible temporary differences for which no deferred tax asset is recognized C. thomann big muff