CAF-1 · Chapter 11 · Question 12 of 15
In the statement of financial position, what is the rule regarding the classification of deferred tax assets and liabilities?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) They must be classified as non-current items.
Explanation
IAS 1 explicitly prohibits deferred tax assets and liabilities from being classified as current assets or liabilities; they are always presented as non-current.
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