Should believe an accounting change is necessary

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Assume that by 1 December 2019 there was a change in tax rate from 30% to 27.5%. Briefly discuss the accounting treatment under accounting standard, AASB112 Income Taxes for the deferred tax asset and deferred tax liability balances as at 1 December 2019 given that the company may now be in a lower tax threshold for the 2019-2020 financial year.

Question 1: Should you believe an accounting change is necessary, standard journal entry to record the effect of change in tax rate

Reference no: EM132467379

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