The Chief Accountant of Al is in the process of drafting the annual report for the year ended October 200. He is currently preparing a note in respect of deferred tax. The deferred taxation account has a credit balance of $1.5 million on October 20w9. All these amounts arose in respect of the difference charged $18.0 million in depreciation and claimed \$20.8 million in tax allowances. The current charge tax charge for the year is $4.7 million; assume an income tax rate of 30% throughout. Required: A. Explain the purpose of deferred taxation. b) Explain the accounting requirements of IAS 12 Income Taxes