Which of the following statement is not correct? Not all deferred tax liabilities must be recognised at the end of the reporting period. Exempt income is recognised as accounting income by the company but not recognised as taxable by the tax authorities. O Deferred tax assets can be recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. If a company has earned exempt income in the current period, the deduction for past tax losses must be made firstly from the exempt income, and only after that from the taxable profit for the current period