(Increase in Deferred Income Taxes (v2770.01))
A deferred income tax liability results from timing differences in the recognition of some revenue and expense accounts for book and tax purposes.
As a result of these timing differences, the total tax expense reported on the Balance Sheet may not equal the income tax paid during the year. The difference between the accounts equals Deferred Income Taxes (v2770.00), which includes changes in current and non-current deferred tax assets and liabilities for that year.