Deferred income tax asset on a balance sheet

Deferred Revenue on Balance Sheet Normally, this deferred revenue on balance sheet is reported under current liabilities , however, if the deferred income is not expected to be realized as actual revenue then it can be reported as a long-term liability.

In this Policy Statement, the Federal Energy Regulatory Commission (Commission) states its policy regarding the treatment of Accumulated Deferred Income Taxes for both accounting and ratemaking purposes as to Commission-jurisdictional public utilities, natural gas pipelines and oil pipelines, in... Jul 12, 2013 · Accounting for deferred tax assets & liabilities reporting on financial statements (balance sheet & income statement), determine deferred tax assets & liabil...

HKAS 12 requires that the measurement of deferred tax liabilities and deferred tax assets should be based on the tax consequences that would follow from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities. In accounting for income taxes under the deferred/future income taxes method, ASPE and IFRS are similar in that they generally require deferred/future tax balances to be recognized for temporary timing differences arising from differences in the carrying amount and tax bases of Jan 15, 2015 · Therefore the tax paid to the IRS will be 35% of $1 million, or $350,000, rather than the $315,000 figure in the recorded income statement. In other words, the IRS took $35,000 more than the... A deferred tax liability or asset is created when there are temporary differences Permanent/Temporary Differences in Tax Accounting Permanent differences are created when there's a discrepancy between pre-tax book income and taxable income under tax returns and tax accounting that is shown to investors. The actual tax payable will come from the ...

A deferred tax asset is an asset to the Company that usually arises when either the Company has overpaid taxes or paid advance tax. Such taxes are recorded as an asset on the balance sheet and are eventually paid back to the Company or deducted from future taxes.