For tax reporting purposes, companies typically transfer more of the asset’s cost from the balance sheet to the income statement in the earlier years of the asset’s life. this is called accelerated depreciation and it is a benefit to the company. thus, companies record deferred tax assets (benefits) for this accelerated depreciation. true/false

False

Explanation:

Depreciation is a standard expense, which is based on consistent formula of depreciation used by organisation, it can be straight line, double declining as per the company's choice.

But the formula has to be consistent.

Also, a company charges depreciation as per US GAAP in financial statements which do not allow the company to charge high depreciation in initial years and then claim a deferred tax asset.

Therefore, the statement is:

False

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