Allocating income tax expense or benefit for the period (both current and deferred) to the income and other statements to reflect transactions that attract income tax is known as

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Intraperiod tax allocation refers to the process of allocating income tax expense or benefit for the period to the income and other statements in order to reflect transactions that attract income tax. This involves dividing total income tax expense into current and deferred components and allocating them to the relevant periods. This helps to ensure that the effects of income taxes on financial statements are presented in a clear and accurate manner, and facilitates better comparability between companies. Interperiod tax allocation, on the other hand, relates to the allocation of income tax effects across different periods. Current tax allocation is a more specific term that refers only to the allocation of current income tax expense. Reconciliation approach is not a term commonly used in relation to income tax allocation.

Allocating Income Tax Expense or Benefit for the Period (Both