What does mean by Deffered taxation? Is deffered taxation considered as an asset or liability or both?

Deferred tax can be both an asset and a liability.

Deferred taxation is a tax collected in advance or a tax prepaid in advance Recording the entry is depended up on the situation. if you are from the side of collected entity, then it will be recorded as a liability. on the other hand, if you are from side who prepaid the taxes in advance, then you will record it as an asset. So, deferred tax can be recorded both as an asset and as a liability depending on the situation as there is always two sides1. The entity to whom the amount was prepaid (the entity collected the deferred taxes) This entity will record it either as a revenue or as a liability2. The entity who prepaid the taxes in advance. This entity on the other hand, will record it either as an expense or as an asset