In the context of corporate financial reporting, which of the following best describes deferred tax assets (DTAs) and deferred tax liabilities (DTLs)?

• DTAs represent future tax savings resulting from discrepancies between financial accounting and tax accounting, while DTLs represent future tax expenses arising from these discrepancies.
• All DTAs represent taxes overpaid in the current period that can be refunded in the future, while all DTLs represent taxes underpaid that must be paid back.
• DTAs and DTLs both represent taxes that a company must pay in the future due to aggressive tax planning strategies.
• DTAs represent the total tax liabilities a company expects to incur over its lifetime, while DTLs represent the total tax assets a company expects to generate.