originating timing difference

originating timing difference
A difference between profits or losses computed for tax purposes on a receipts-and-payments basis and profits presented in the financial statements on an accruals basis. These differences arise as a result of items of income and expenditure in tax computations being included in different periods from those in which they are included in financial statements. An originating timing difference is described as originating in the period in which it arises; it is capable of reversal in subsequent periods. These differences are dealt with in Financial Reporting Standard (FRS) 19, Deferred Tax, which was published in December 2000 as a successor to Statement of Standard Accounting Practice 15, Accounting for Deferred Tax. FRS 19 became mandatory in respect of accounting periods ending on or after 23 January 2002.

Accounting dictionary. 2014.

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