If we write up an asset not during M&A, is a DTL still created? I get why we need one for M&A, but does the same hold for other periods, and what keeps us from just constantly writing them up?
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This is something for an auditor to confirm, but to my knowledge, because of the prudence concept in accounting, you never write up an asset. Secondly you would be paying massive amounts of tax if you keep writing up assets and realise book gains.
There are instances where an asset is valued at fair value rather than book value. This can generate gains for financial reporting purposes, but the gains could have different tax implications.
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