Individuals which are obligated for an audit of financial statements are required to calculate assets and deferred tax liabilities. Small entities may not have such an obligation, but the decision to withdraw from the findings of this tax should be included in accounting policy.

Deferred tax is to be calculated, because there are differences between the tax and accounting, which make the tax base and carrying amount of assets and liabilities. Often in these calculations appear significant errors. Their reasons may vary. The most common include arithmetic errors and confusion in distinguishing between positive and negative temporary difference, which companies often do not recognize.

In order to meet the expectations of accountants have developed a system that allows the elimination of these errors. To be convinced of this just to try out the free two-hour access to the Deferred Tax and Corporate Income Tax  module.

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