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When a phased-in change in rates is scheduled to occur in the future years in which a temporary difference is expected to reverse, "the specific tax rates of each future year are multiplied by the temporary amounts reversing in each of those years and the total is the deferred tax liability/ asset".
What is total deferred tax liability/asset?
On a company's balance sheet, a deferred tax asset is something that lowers future taxable revenue/credit. When a company overpays its taxes, a line item asset of this nature may be discovered. This money will eventually be returned to the business in the form of tax relief.
The examples of deferred tax assets are-
- Net operating loss: During that time, the company suffered a financial loss.
- Tax over-payment: During the prior period, you overpaid taxes.
- Business Expenses: These are recorded under one accounting system but not another.
- Revenue: When revenue is received during one accounting period but recognised in a different one.
- Unpaid debt: It is first reported as revenue before being written off as uncollectible. The unpaid receivable eventually becomes a deferred tax asset when it is recognised.
To more about difference between a tax credit and a tax deduction, here
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