Using WORKSHEET that is provided, indicate for each of the statements whether it is True (T) or False (F) according to NZ IAS 12. If the statement is false, rewrite the statement to make it true. If the statement is true, you do not need to explain.

Statement: If the accounting carrying amount of an asset is greater than its tax base, there is a taxable temporary difference. Rewrite Statement: QUESTION 3: Continued Worksheet continued: T/F Item (e) Statement Statement: We must recognise deferred tax liability from all taxable temporary differences. Rewrite Statement