CFA Practice Question

There are 520 practice questions for this study session.

CFA Practice Question

Current deferred tax assets and current deferred tax liabilities are offset against each other and reported at their net amount on the balance sheet. True or False?
Correct Answer: True

While footnote disclosures provide detail on both current deferred tax asset and current deferred tax liability amounts, only the net amount is reported on the face of the balance sheet.

User Contributed Comments 2

User Comment
kalps Only net amount reorded on the face of the balance sheet, the two are shown seperately in the notes to the accounts
surjoy But current deferred tax assets and non-current deferred tax liabilities are not offset against each other.
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