Deferred Taxes

A liability or asset reflecting the difference between the amount of taxes payable or refundable in future years as a result of events recognized in the financial statements in the current or preceding years. The concept is based on the premise that the reported amounts of assets and liabilities on an enterprise's balance sheet will be recovered and settled, respectively. Includes primarily (1) the results of timing differences between taxable and accrual-adjusted income; and (2) the result of differences between balance sheet value and tax basis of capital assets (if values other than the tax basis are used as the basis for balance sheet presentation). (II-3, 10, 19-22, 44-45; III-5-12)

Authorization Path: 2.2.5.2.43.1