Balance Sheet Classification

59

• Classified B/S-deferred tax assets and liabilities are classified by classification of the related asset or liability for financial reporting.

  • If the deferred tax asset or liability is not related to a particular account (e.g., temporary differences arising out of use of %- completion for long-term construction contracts on the books but the completed contract method for tax purposes) then they should be classified by their expected reversal dates.

• Note: All current deferred tax liabilities and assets are offset and presented as a single amount.

• Note: All noncurrent deferred tax liabilities and assets are offset and presented as a single amount

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