Deferred assets and liabilities

why the deferred assets and liabilities are kept for long period in accounting system ?
what is consequences about it ?
when it is to be remove or cleared from balance sheet items?
Replies (1)

There are tax differences, permanent and temporary, timing differences Andy they are carried forwar or reversed depends upon this 

https://www.mca.gov.in/Ministry/notification/pdf/AS_22.pdf

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