Seagull Ltd has a deferred tax asset as well as a deferred tax liability at 30 June 2017 would be disclosed in accordance with NZ IAS 12. The financial director is concerned with this situation as he argues that the IRD does not owe them anything and neither does Hamish owe anything to the IRD, other than the current tax payable. So why should amounts that are not currently an asset or liability be disclosed as such? Give a well-reasoned answer to the financial director.