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General Accounting Discussions: DEFERRED TAXES

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    • CommentAuthorgfraser
    • CommentTimeMay 1st 2007
     
    Define deferred taxes? as have they been paid?
    • CommentAuthorabril
    • CommentTimeMay 1st 2007
     
    A deferred tax is the amount of income tax recoverable in future periods with respect to deductible temporary defferences and operating loss carry forward. deferrred tax arises from these events - 1. when the taxable income is higher than accounting income because of TIMING DIFFERENCES. 2. when the tax base of the asset is higher than its carrying amount. and 3. when the carrying amount of the liability is higher than its tax base.
    i hope this helped you.

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