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
Answer:B
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