Under IAS 1, Presentation of Financial Statements, how must deferred taxes be classified on the balance sheet?
A)As either a current asset or a current liability
B)As always a noncurrent asset or a noncurrent liability
C)As either a current or noncurrent asset or liability based on the expected timing of realization
D)As a separately stated positive or negative component of equity

Question

Quizplus · Accepted Answer

Under IAS 1, deferred taxes should always be classified as either a noncurrent asset or a noncurrent liability, reflecting the fact that they are not expected to be settled within the company's normal operating cycle or a year, whichever is longer.

Under IAS 1, Presentation of Financial Statements, How Must Deferred