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Current Attempt in Progress When a change in the tax rate is enacted into law, its effect on existing deferred income tax accounts should be
Current Attempt in Progress When a change in the tax rate is enacted into law, its effect on existing deferred income tax accounts should be reported as an adjustment to income tax expense in the period of change. considered, but it should only be recorded in the accounts if it reduces a deferred tax liability or increases a deferred tax asset. handled retroactively in accordance with the guidance related to changes in accounting principles. applied to all temporary or permanent differences that arise prior to the date of the enactment of the tax rate change, but not subsequent to the date of the change.
Current Attempt in Progress
When a change in the tax rate is enacted into law, its effect on existing deferred income tax accounts should be
reported as an adjustment to income tax expense in the period of change.
considered, but it should only be recorded in the accounts if it reduces a deferred tax liability or increases a deferred tax
asset.
handled retroactively in accordance with the guidance related to changes in accounting principles.
applied to all temporary or permanent differences that arise prior to the date of the enactment of the tax rate change, but
not subsequent to the date of the change.
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