13 August 2010
Kindly explain with reason the disclosure requirements in respect of DTL. One of my counterpart wants us to show under the Share Holders fund however i am thinking otherwise.
So please give me some authentic proofs in response to your kind answers.
13 August 2010
As per AS - 22 para 32 Deferred tax assets and liabilities should be distinguished from assets and liabilities representing current tax for the period. Deferred tax assets and liabilities should be disclosed under a separate heading in the balance sheet of the enterprise, separately from current assets and current liabilities.
Explanation:
Deferred tax assets (net of the deferred tax liabilities, if any, in accordance with paragraph 29) is disclosed on the face of the balance sheet separately after the head ‘Investments’ and deferred tax liabilities (net of the deferred tax assets, if any, in accordance with paragraph 29) is disclosed on the face of the balance sheet separately after the head ‘Unsecured Loans’.
13 August 2010
AS PER AS 22 Deferred tax assets and liabilities should be disclosed under a separate heading in the balance sheet of the enterprise, separately from current assets and current liabilities.
CAclubindia
