... though conceptually a deferred tax asset or liability exists. Examples include the revaluation of property, recognition of assets and liabilities on acquisition of an entity and the effect of foreign currency translation of foreign controlled entities. It is clear that items that are tax effected under the superseded Standard would also be tax effected under the revised Standard. However, due to the ... ...

• Word Count: 2621
• Approx Pages: 10
• Has Bibliography
• Grade Level: Undergraduate

... . Thus, accountants in the US, the United Kingdom and Canada try to simplify the language of accounting by publishing by uniform glossary of accounting terms. A common international accounting language with translation based on common uniform concepts rather than on words has been suggested, on the international accounting standards committee (IASC) as recognised this problem by setting international accounting standards that attempt ... ...

• Word Count: 2830
• Approx Pages: 11
• Has Bibliography
• Grade Level: Undergraduate

... though conceptually a deferred tax asset or liability exists. Examples include the revaluation of property, recognition of assets and liabilities on acquisition of an entity and the effect of foreign currency translation of foreign controlled entities. It is clear that items that are tax effected under the superseded Standard would also be tax effected under the revised Standard. However, due to the ... ...

• Word Count: 2774
• Approx Pages: 11
• Grade Level: Undergraduate

... though conceptually a deferred tax asset or liability exists. Examples include the revaluation of property, recognition of assets and liabilities on acquisition of an entity and the effect of foreign currency translation of foreign controlled entities. It is clear that items that are tax effected under the superseded Standard would also be tax effected under the revised Standard. However, due to the ... ...

• Word Count: 2770
• Approx Pages: 11
• Has Bibliography
• Grade Level: Undergraduate