DISCRETIONARY Definition

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DISCRETIONARY means it is not mandatory, it is up to the individual or company.

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DEFERRED TAX ASSETS have an effect of decreasing future income tax payments, which indicates that they are prepaid income taxes and meet definition of assets. Whereas deferred tax liabilities have an effect of increasing future years income tax payments, which indicates that they are accrued income taxes and meet definition of liabilities.

RECONCILE / RECONCILIATION is the adjusting of the difference between two items (e.g., balances, amounts, statements, or accounts) so that the figures are in agreement. Often the reasons for the differences must be explained. One example would be reconciling a checking account (bringing the checking ledger and bank balance statement into agreement).

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