You work in an accounting firm and your boss has requested you to present an overview of the tax structure to your organization.

Two presentations have been requested.

The first is a presentation that explains the differences between the company's effective tax rate, cash tax rate, and structural tax rate.

The second presentation should highlight the difference between a deferred asset and deferred liability.

Explain how these rates are used in your company and how it benefits, if any, and what could be gained from switching between these rates.

How can a company benefit from classifying a transaction as a deferred asset or a deferred liability on the balance sheet?