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Deferred Tax

This query is : Resolved 
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(Querist)
29 August 2010 Respected All,

In the F.Y. 08-09, a company wrongly treated deffered tax asset as a deffered tax liability in accounts.

How will the company rectify this mistake in the Balance sheet of 09-10.

Please explain the disclosures to be made in the Balance sheet and entries to be made in accounts.

Regards
Jyoti
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CA SMR

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CA SMR (Expert)
29 August 2010 Accounting entries for the FY 09-10

i. To nullify the effect of 08-09 mistake
Deferred Tax Liability Dr
To P/L

ii.To effect the rectification entry
Deferred TAx Assets Dr
To P/L

iii,Reversal of timing difference if applicable.

Disclosure

The effect of the rectification should be disclosed as prior period item in the statement of profit & loss account as per the AS 5.
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