In addition, the tax position to be taken in each of the 2019 to 2032 tax years must be reported on Part I of the Schedule UTP filed with the tax return for the respective tax year in which the tax position was taken. DTA creation depends on the principle of prudence. Explanation: An accounting term on a firm's balance sheet that is used to illustrate when a firm has overpaid on taxes and is due to some form of tax relief is referred to as a deferred tax asset. Advanced Accounting, 10th Edition [PDF] [27hu8ksi4cj0] Hacking Headlines on One News Page Accelerated CCA. Deferred Tax Assets (Meaning, Calculation) | Top 7 Examples DTA creation depends on the principle of prudence. A deferred tax asset is an income tax created by a carrying amount of net loss or tax credit, which is eventually returned to the company and reported on the company’s balance sheet as an asset. Deferred Tax Asset Definition - Investopedia However, this difference will be net off or settled in the future period. It is also affected by discrete items that may occur in any given year, but are not consistent from year-to-year. a. tax depreciation exceeding book depreciation b. using installment sales method for tax purposes and accrual basis for accounting purposes c. recognition of prepaid expenses d. recognition of unearned revenues d. recognition of unearned revenues 47.
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