Question

At December 31, 2024 Northshore Inc. had the following deferred income tax items:

Deferred tax asset of 57 million related to a current liability

Deferred tax asset of 39 million related to a concurrent liability

Deferred tax liability of 123 million related to a concurrent asset

Deferred tax liability of 75 million related to a current asset

Northshore Inc. should report in its December 31, 2024 balance sheet;

Noncurrent deferred tax asset of 90 million and a non current deferred tax liability of 192 million

Noncurrent deferred tax asset of 93 million and a Noncurrent deferred tax liability of 22 million

Current deferred tax liability of 18 million

Non current deferred tax liability of 102 million

Answer 1

Answer:
Particulars	Amount ( in $ millions)
Total deferred tax liability ($123 + 75)	$198
Less: Total deferred tax asset ($57 + $39)	$96
Net deferred tax liability	$102
Northshore Inc. should report in its December 31, 2024 balance sheet	$102 millions
From given options, option (D) is correct i.e, Non Current Deferred Tax liablity of $102 millions
Note : Net Deferred Tax Liability is shown under the Non current Liability as per IFRS