Question

Question 8 Flint Corporation has historically followed ASPE, but is considering a change to IFRS. It has temporary differences at December 31, 2020, that result in the following SFP future income tax accounts: Deferred tax liability, current Deferred tax asset, current Deferred tax liability, non-current Deferred tax asset, non-current $30,600 $50,500 $91,000 $23,700 (a) Indicate how these balances will be presented in Flint's December 31, 2020 SFP, assuming that Flint reports under the ASPE future income taxes method. Flint Corporation (Partial) Statement of Financial Position SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

Answer 1

Flint Corporation (Partial) Statement of Financial Position December 31, 2020 Current Assets Deferred Tax $19,900 Long-term Liabilities Deferred Tax $67,300 Workings: Deferred tax assets = $50,500 - $30,600 $19,900 Deferred tax liability = $91,000 - $23,700 $67,300