At our recent board meeting, several directors raised concerns about spending too many man hours (and dollars I must say) on accounting for future tax consequences. Their biggest argument was that as long as the tax man is happy and we are not cheating on our tax returns, then we are simply wasting money in accounting for temporary differences and Deferred tax assets (DTAs) and Deferred tax liabilities (DTLs) (which I must admit is a mystery to me). Do you have any problems if we do not account for the DTAs and DTLs and just account for the current tax liability?

Answer rating: 100% (QA)

Deliberately underreporting or omitting income This is selfexplanatory concealing income is fraudule... View the full answer