Deferred taxes may be classified as either current or non-current under IFRS.

Question 1 options:

	True
	False

Question 2

Under the liability approach, deferred taxes on the balance sheet are valued at the tax rate in that will be in effect when the temporary differences reverse.

Question 2 options:

	True
	False

Question 3

During the originating period of a temporary difference, pretax accounting income is defined as taxable income plus taxable amounts minus deductible amounts.

Question 3 options:

	True
	False

Question 4

Amanda Company sold an asset and as a result had a capital gain of $15,000. This amount represents a permanent difference.

Question 4 options:

	True
	False

Question 5

Comprehensive allocation recognizes the amount of taxes assessed in each year as the income tax expense for that year.

Question 5 options:

	True
	False

Question 18

A tax benefit represents the present and deferred benefit that the company will be able to realize from the tax loss through a reduction of income taxes paid to governments.

Question 18 options:

	True
	False

Question 19

Taxes are recovered at the tax rate in effect during the year of the loss.

Question 19 options:

	True
	False

Question 20

IFRS requires that deferred income taxes due to carry-forwards be recognized at the tax rate enacted for the current year.

Question 20 options:

	True
	False