Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 8 Flint Corporation has historically followed ASPE, but is considering a change to IFRS. It has temporary differences at December 31, 2020, that result
Question 8 Flint Corporation has historically followed ASPE, but is considering a change to IFRS. It has temporary differences at December 31, 2020, that result in the following SFP future income tax accounts: Deferred tax liability, current Deferred tax asset, current Deferred tax liability, non-current Deferred tax asset, non-current $30,600 $50,500 $91,000 $23,700 (a) Your answer is correct. Indicate how these balances will be presented in Flint's December 31, 2020 SFP, assuming that Flint reports under the ASPE future income taxes method. Flint Corporation (Partial) Statement of Financial Position December 31, 2020 Current Assets T Future Tax Asset 19,900 "Long-Term Liabilities T Future Tax Liability 67,300 (b) Indicate how these balances will be presented in Flint's December 31, 2020 SFP, assuming that Flint follows IFRS for reporting purposes. FlintCorporation (Partial) Statement of Financial Position December 31, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started