Explain the concepts of basic earnings per share and diluted earnings per share. How are they computed? Explain the terms: (i) timing differences, (ii) permanent differences, (iii) deferred tax...

Explain the concepts of basic earnings per share and diluted earnings per share. How are they computed?

Explain the terms: (i) timing differences, (ii) permanent differences, (iii) deferred tax liability and (iv) deferred tax asset as per accounting standard related to taxes on income.