Final answer:
Major disclosures for deferred tax liabilities or assets typically include the total amounts and changes in these accounts, among other details. Not included are general business risks unrelated to deferred taxes or specific forecasted tax rates.
Step-by-step explanation:
The student's question pertains to the disclosures related to deferred tax liabilities or assets in a set of financial statements. Under accounting standards such as the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP), certain major disclosures are required to be made. These disclosures generally include the total amount of deferred tax liabilities and assets, and the changes in these accounts over the reporting period. Additionally, businesses must disclose the nature of the evidence supporting the recognition of deferred tax assets, particularly detailing the likelihood of future profitability that would enable the use of deferred tax assets.
What is not included in the major disclosures for a net deferred tax asset or liability may vary depending on the specific accounting framework in question, but typically, companies are not required to disclose normal business risks that do not directly affect the deferred tax amounts. Other non-required disclosures could include forecasts of future tax rates or the detailed calculation of timing differences, unless they are pertinent to understanding the figures reported.
Remember, the aim is to provide relevant and sufficient information to the users of financial statements to help them understand the impact of tax on the company's financial position and performance, but not to overwhelm or confuse with unnecessary details.