Fundamentals Of Accounting And Auditing - Accounting And Auditing Section 2

carrying amount – future taxable amount + future deductible amount;

carrying amount + future taxable amount – future deductible amount;

carrying amount – future taxable amount – future deductible amount;

carrying amount + future taxable amount + future deductible amount;

income tax expense is equal to income tax payable;

income tax expense is not equal merely to current tax liability (asset) but is also a function of the company’s deferred tax liabilities and assets;

an accounting balance sheet and a tax balance sheet are the same;

a tax balance sheet is prepared according to the income tax legislation and accounting standards.

reserves;

income;

expenses;

losses;

does not permit the application of deferred tax accounting to goodwill;

allows the recognition of a deferred tax item in relation to goodwill;

requires that any deferred tax items in relation to goodwill be recognized directly in equity;

requires that any deferred tax items for goodwill be capitalized in the carrying amount of goodwill;