Explain the difference between a temporary and permanent difference.

EllieIx88

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5 years ago

Explain the difference between a temporary and permanent difference.

Textbook

Intermediate Accounting, Volume 2

Edition: 5^th

Authors: Beechy, Conrod, Farrell

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Haleyharris1

wrote...

5 years ago

A temporary difference will, at some point in time reverse. It is an amount that is
deductible for accounting purposes at a different time than for tax purposes. A permanent
difference never reverses. It is an item that is recorded for accounting purposes but will
never be accounted for in the calculation of taxable income. The reverse is also true.

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EllieIx88 Author

wrote...

5 years ago

Makes more sense now, have a good weekend!

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