Under IFRS a deferred tax liability is classified as a ________ and income tax payable is classified as a ________ on the balance sheet.

Question

Quizplus · Accepted Answer

Under IFRS, a deferred tax liability should be classified as a non-current liability on the balance sheet because it is expected to be settled after more than 12 months. On the other hand, income tax payable is recognized as a current liability since it will be settled within the next 12 months. Therefore, the correct option is C.

Under IFRS a Deferred Tax Liability Is Classified as a ________