Deferred taxes in the economy

In accounting practice, categories such as current and deferred taxes are used. Deferred taxes are divided into deferred tax assets and deferred tax liabilities. The reasons for their occurrence are associated with different approaches used in tax and accounting, for example, in different methods for assessing assets and depreciation of fixed assets. The approach to determining deferred taxes is disclosed in detail in PBU 18/02 “Accounting for calculations of corporate income tax.” When the value of tax and accounting profit is correlated, tax differences are also calculated, and the impact of these differences on the tax of the future or reporting period is determined. Due to their duality, tax differences are reflected in different ways in the financial statements: either in the statement of financial results and in the notes thereto, or in the balance sheet and notes thereto. If deferred taxes arise in accounting, it is recommended to analyze them in order to assess their impact on the current income tax.