Question: They say SFAS No. 96 required deferred asset and liability accounts. In line with the asset-liability approach, it also required the use of future enacted tax rates and adjustment of deferred asset and liability accounts if tax rates changed. APB Opinion No. 11 used only current rates and no change in deferred debit and credit accounts if tax rates changed.
REQUIRED:
(1) Discuss Points of differentiation between SFAS No. 96 and SFAS No. 109
(2) Discuss Relation among SFAS No.96, No. 109, and APB Opinion No. 11