What Is Debt Law Accounting? What Are The Characteristics?
The debt law is to detract from the amount of tax paid in the current period due to the time difference, and assign it to the subsequent periods. At the same time, the effect of the time difference on the income tax is refunded. Due to the change of tax rate or the introduction of a new tax, it is necessary to adjust the balance of the deferred tax.
The characteristics of the debt law are: first, the impact of the current time difference on the income tax is expected to be a liability for future tax payable on the balance sheet, or as an asset representing the future tax payment. Due to the change in tax rate or the introduction of new taxes, the balance of deferred taxes should also be adjusted accordingly.
Two. When adopting the debt law, the time difference between the occurrence and sale of the current period and the adjustment amount of the deferred tax should be determined at the current tax rate.
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