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Deferred Tax

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A tax rate other than the current tax rate may be used to calculate the deferred income tax amount on the statement of financial position if a(n)

Future tax rate has been enacted into law.Future tax rate change is considered more likely than not to occur.Election has been made to apply past tax rates.Net operating loss carryback exists

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

Answer (A) is correct. A tax rate other than the current tax rate may be used to calculate the deferred income tax amount on the statement of financial position if a future tax rate has been enacted into law.

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