Deferred Tax Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account. Deferred tax asset When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account. Deferred tax liability When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account. To determine: The net deferred tax amount of AF at December 31, 2015.

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Answer 1

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

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https://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Financial Reporting Analysis: Use Republic Bank Limited Annual Report 2022 to answer the Questions. a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.

https://www.unilever-caribbean.com/files/6eae8d2b-daec-43df-9ae2-94a5db0afac2/nlatam-pdf-unilever-financial-statements-2022-final-full-summary.pdf Financial Reporting Analysis: Use the link above to access Unilever Caribbean Limited Annual Report 2022 to answer the Questions. a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer,…

https://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Use the link above to a)Evaluate Republic Financial Holdings Limited 2022 annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide b) Identify and discuss key accounting principles and standards applied in Republic Financial Holdings Limited 2022 annual financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.)

Answer 2

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

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Answer 3

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

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Answer 4

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Expert Solution & Answer

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Answer 5

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 6

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

Answer 7

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

Answer 8

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 9

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 10

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 11

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 16 - Prob. 16.1Q Ch. 16 - A deferred tax liability (or asset) is described...Ch. 16 - Prob. 16.3Q Ch. 16 - Prob. 16.4Q Ch. 16 - Temporary differences result in future taxable or...Ch. 16 - Identify three examples of differences with no...Ch. 16 - The income tax rate for Hudson Refinery has been...Ch. 16 - Suppose a tax reform bill is enacted that causes...Ch. 16 - A net operating loss occurs when tax-deductible...Ch. 16 - Prob. 16.10Q

Solution Summary: The author explains that AF used substantively enacted policy, which is not permissible, to determine the net deferred tax amount at December 31, 2015.

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To explore: The consistency of policy with U.S. GAAP.

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