A company has four "deferred income tax" accounts arising from timing differences involving 1)current assets,2)noncurrent assets,3)current liabilities,and 4)noncurrent liabilities.The presentation of these four "deferred income tax" accounts in the statement of financial position should be shown as

Question

Quizplus · Accepted Answer

Deferred tax assets and liabilities should be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting purposes. Therefore, they should be presented as a net current and a net noncurrent amount.

A Company Has Four "Deferred Income Tax" Accounts Arising from Timing