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Why entities are required to account for deferred tax?

Why entities are required to account for deferred tax?

Why entities are required to account for deferred tax?

The financial reporting standard requires the deferred tax transaction to be shown in the same accounting period. It's based-on accrual concept and should be recorded in statement of financial statement and the nature and amount of significant deferred tax ishould be disclosed in the notes to the financial statement. Its an important aspect of any business, as it helps management to plan strategically and make right decisions. Although it doesn't directly affect on cashflow but have a huge impact on profitiability and financial performance.

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