A fellow student said, ‘Deferred tax liabilities and assets should be measured using a discounted cash flow model. The deferred tax is paid or refunded in the future — that could be years away — so the time value of money should be taken into account.’

Required 

Refer to AASB 112/IAS 12 and comment on your fellow student’s argument. Identify other assets and liabilities where discounting is required in the measurement approach.