What is deferred tax IAS 12

AASB 1060 requires it to be included

What are deferred tax assets and liabilities?
Deferred tax assets and deferred tax liabilities arising from temporary differences reflect the future tax consequences (as distinct from current tax consequences) of:

1. The future recovery of assets
2. And the future settlement of liabilities

Another way to look at it is:

Will THAT balance sheet item lead to taxable revenue or a tax deduction?

Then how much is it?

How do I record it?