The amount of income tax that is due to the government for a period of time is rarely the same as the amount of income tax expense that is reported on the income statement for thatsame period under IFRS and one of the alternatives underASPE.

Instructions
(a) IAS 12 Income Taxes, like most IASB accounting standards,sets out clearly what the standard setters' objectives are ofthe standard that follows. Explain your understanding ofwhat the IAS 12 objectives are of accounting for incometaxes in general-purpose financial statements.
(b) Explain the basic principles that are applied in accountingfor income taxes at the date of the financial statements tomeet the objectives discussed in part (a).
(c) Explain how the recognition of deferred tax accounts onthe statement of financial position is consistent with theconceptual framework, noting the differences betweenIFRS and ASPE.
(d) Using the definition of an asset and a liability (fromChapter 2), discuss why deferred tax assets and deferredtax liabilities as currently measured and reported mightnot meet this definition.