![]() She is the author of the bestselling "Numbers 101 for Small Business" books and "Piggy Banks to Paychecks: Helping Kids Understand the Value of a Dollar." She is a chartered accountant, certified management accountant and certified public accountant with a Bachelor of Arts in economics from Wilfrid Laurier University. ![]() Deferred income tax and current income tax comprise total tax expense in the income statement. ![]() The guidance in this Subtopic is limited to a. Deferred income tax is recognised under IAS 12 to account for differences between tax base of an asset or a liability and its carrying amount. The Overall Subtopic addresses the accounting and reporting for certain deferred costs and prepaid expenses. Keep track of your business tax with instant financial reports at your fingertips with Debitoor accounting & invoicing software. Deferred Tax (IAS 12) Last updated: 16 July 2022. For example, a company pays a supplier in advance resulting in a deferred expense. Companies may accumulate deferred expenses from various sources. In other words, it is an advance payment for a future expense.
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