Hello.
NOL accounting goes like so, right? Debit Deferred Income Tax, Credit Income Tax Expense. This means that the loss is reducing tax expense in the current period vs. what is actually paid, right? I don't get this actually. Your financial tax expense can't be below 0.
What is the accounting procedure for when you use the Tax Asset (reducing payable vs. financial)?
NOL accounting goes like so, right? Debit Deferred Income Tax, Credit Income Tax Expense. This means that the loss is reducing tax expense in the current period vs. what is actually paid, right? I don't get this actually. Your financial tax expense can't be below 0.
What is the accounting procedure for when you use the Tax Asset (reducing payable vs. financial)?
