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AICPA每日一练之AUD【2016-4-14】

2016-04-14 高顿网校


At December 31, year 3, Golden Finance Co. had the following deferred income tax items:
 
A deferred income tax liability of $15,000 related to a noncurrent asset.
 
A deferred income tax asset of $3,000 related to a noncurrent liability.
 
A deferred income tax asset of $8,000 related to a current liability.
 
Which of the following should Golden report in the noncurrent section of its December 31, year 3 balance sheet?
 
A. A noncurrent asset of $3,000 and a noncurrent liability of $15,000.
 
B. A noncurrent liability of $12,000.
 
C. A noncurrent asset of $11,000 and a noncurrent liability of $15,000.
 
D. A noncurrent liability of $4,000.
 
Answer:B
 
B:This answer is correct. Per ASC Topic 740, deferred tax liabilities and assets should be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. ASC Topic 740 also requires the netting of current deferred tax liabilities and assets, and noncurrent deferred tax liabilities and assets. Therefore, Golden should report a noncurrent deferred tax liability of $12,000 and a current deferred tax asset of $8,000, as indicated below.
 
                                  Related to current item     Related to noncurrent item
 
Deferred tax liability                                                  $(15,000)
 
Deferred tax asset                                                       3,000
 
Deferred tax asset             $8,000
 
Net DT asset (liability)       $8,000                              $(12,000)


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