课件FAChap016PPT

ACCOUNTINGFORINCOMETAXES,Chapter16,2013TheMcGraw-HillCompanies,Inc.,Taxlawsformthesettherulesforpreparingtaxreturns.,Financialstatementincometaxexpense.,Incometaxespayable.,IFRSprovidesthebasisforpreparingfinancialstatements.,Usually.,Resultsin.,Theobjectiveofaccountingforincometaxesistorecognizeadeferredtaxliabilityordeferredtaxassetforthetaxconsequencesofamountsthatwillbecometaxableordeductibleinfutureyearsasaresultoftransactionsoreventsthatalreadyhaveoccurred.,DeferredTaxAssetsandDeferredTaxLiabilities,TemporaryDifferences,Thesearecalledtemporarydifferences.,Often,thedifferencebetweenpre-taxaccountingincomeandtaxableincomeresultsfromitemsenteringtheincometaxcomputationsatdifferenttimes.,2013TheMcGraw-HillCompanies,Inc.,Temporarydifferenceswillreverseoutinoneormorefutureperiods.,TemporaryDifferences,2013TheMcGraw-HillCompanies,Inc.,TaxBase,Note:Ifanitemisnon-taxable,thetaxbaseofthatassetisequivalenttothecarryingamount,therebycreatingnotemporarydifferences.,2013TheMcGraw-HillCompanies,Inc.,Deferredtaxliabilitiesresultintaxableamountsinthefuture.,Deferredtaxassetsresultindeductibleamountsinthefuture.,DeferredTaxLiabilities,In2012,Baxterreports$300,000ofpretaxincome.Includedinthisamountis$100,000resultingfrominterestrevenueearnedbutnotreceived.Therevenuewillbetaxedastheinterestiscollectedin2013and2014.Baxterexpectstocollect$70,000in2013andtheremaining$30,000in2014.In2013and2014,Baxterreports$200,000ofpretaxincome.Thecompanyissubjecttoa20%taxrate.Therearenoothertemporarydifferences.,DeferredTaxLiabilities,2012Incometaxpayable=$200,00020%=$40,0002012Deferredtaxliabilitychange=($100,00020%)-$0=$20,000,DeferredTaxLiabilities,TheDeferredTaxLiabilityrepresentsthefuturetaxesBaxterwillpayin2013and2014.,2013TheMcGraw-HillCompanies,Inc.,DeferredTaxLiabilities,RecallthisinformationforBaxter.,2013Incometaxpayable=$270,00020%=$54,0002013Deferredtaxliabilitychange=($30,00020%)-$20,000=-$14,000,DeferredTaxLiabilities,FutureTaxableAmountSchedule,TheDeferredTaxLiabilityrepresentsthefuturetaxesBaxterwillpayin2014.,2013TheMcGraw-HillCompanies,Inc.,DeferredTaxLiabilities,RecallthisinformationforBaxter.,2014Incometaxpayable=$230,00020%=$46,0002014Deferredtaxliabilitychange=($020%)-$6,000=-$6,000,DeferredTaxLiabilities,FutureTaxableAmountSchedule,TheDeferredTaxLiabilityrepresentsthefuturetaxesBaxterwillpay.,2013TheMcGraw-HillCompanies,Inc.,RDPNetworkingreportedpretaxincomein2012,2013,and2014of$70million,$100million,and$100million,respectively.The2012incomestatementincludesa$30millionwarrantyexpensethatisdeductedfortaxpurposeswhenpaidin2013($15million)and2014($15million).Theincometaxrateis20%eachyear.,DeferredTaxAssets,DeferredTaxAssets,Now,letsrecordtheincometaxentryfor2012.,ThisisthecomputationfortheDeferredTaxAsset.,2013TheMcGraw-HillCompanies,Inc.,DeferredTaxAssets,2012Incometaxpayable=$100,00020%=$20,0002012Deferredtaxassetchange=($30,00020%-$0=$6,000,DeferredTaxAssets,Afterpostingtheentry,theDeferredTaxAssetaccountwillhavethedesiredendingbalanceof$6,000.,DeferredTaxAssets,2013Incometaxpayable=$85,00020%=$17,0002013Deferredtaxassetchange=-$15,00020%(-$6,000)=$3,000,2013TheMcGraw-HillCompanies,Inc.,DeferredTaxAssets,In2013,thebalanceintheDeferredTaxAssetshoulddecreaseto$3,000.,Canyoupreparetheentriesfor2014?,2013TheMcGraw-HillCompanies,Inc.,DeferredTaxAssets,Thiswouldbetheentryfor2014.,Attheendof2014,thebalanceintheDeferredTaxAssetwouldbezero.,Deferredtaxassets,2013TheMcGraw-HillCompanies,Inc.,Forexample,letssayforRDP,managementdeterminesthatthecompanywillmakealossin2014anditisunclearwhattheprofitswillbeafter2014.Itsnotprobablethat$15millionofthedeductibletemporarydifferencewillultimatelybeutilizedtooffsetfuturetaxableincome.ThedeferredtaxassetthatisrecognizedonDecember31,2012isthus$3million($30million-$15million)20%andnot$6million($30million20%),DeferredTaxAssets,NontemporaryDifferences,Createdwhenanincomeitemisincludedintaxableincomeoraccountingincomebutwillneverbeincludedinthecomputationoftheother.Example:Interestontax-freegovernmentbondsisincludedinaccountingincomebutisneverincludedintaxableincome.,Nontemporarydifferences(orpermanentdifferences)aredisregardedwhendeterminingboththetaxpayablecurrentlyandthedeferredtaxeffect.,2013TheMcGraw-HillCompanies,Inc.,NontemporaryDifferences,Theterm“permanentdifferences”doesnotappearinIASNo.12buttheconceptappliesinthedeterminationoftaxexpense.However,IASNo.12specificallyprohibits:Therecognitionofcertaintemporarydifferencesthatariseoninitialrecognitionwhentheunderlyingtransactionisnotabusinesscombinationandthat“affectsneitheraccountingprofitnortaxableprofit(taxloss)”oninitialrecognition.Therecognitionofadeferredtaxliabilityongoodwill.,2013TheMcGraw-HillCompanies,Inc.,TaxRateConsiderations,Deferredtaxassetsandliabilitiesshouldbedeterminedusingthecurrenttaxor“substantiallyenacted”rates.Thedeferredtaxassetorliabilitymustbeadjustedifachangeinataxrateoccurs.,TaxCode,2013TheMcGraw-HillCompanies,Inc.,MultipleTemporaryDifferences,Itwouldbeunusualforanybutaverysmallcompanytohaveonlyasingletemporarydifferenceinanygivenyear.,NetLosses,Taxlawsoftenallowacompanytousetaxlossestooffsettaxableincomeinearlierorsubsequentperiods.,2013TheMcGraw-HillCompanies,Inc.,NetLosses,2013TheMcGraw-HillCompanies,Inc.,NetLosses,CurrentYear,CarrybackPeriod,Thetaxlossmaybeappliedagainsttaxableincomefrompreviousyears.UnusedtaxlossesmaybecarriedforwardThedurationofthecarrybackorcarryforwarddependsontaxlegislation,2013TheMcGraw-HillCompanies,Inc.,NetLosses,In2012GarsonLtdincurredan$85,000netloss.Thecompanyissubjecttoa20%taxrate.In2010,Garsonreportedtaxableincomeof$20,000,andin2011,taxableincomewas$10,000.Thecompanyelectstocarrybackthetaxlosses.,Letslookatthetaxbenefitsofthelosscarrybackandcarryforward.,2013TheMcGraw-HillCompanies,Inc.,NetLosses,NetLosses,Thedeferredtaxassetaccountcreatedbythebenefitofthecarryforwardwillbeusedtolowerincometaxespayableinfutureyears.,2013TheMcGraw-HillCompanies,Inc.,Somedisclosureitems:Totalofalldeferredtaxliabilities.Totalofalldeferredtaxassets.TotaldeferredtaxarisingfromtransactionsthatarecreditedordebiteddirectlytoequityTaxeffectofeachtypeoftemporarydifference(andremainingtaxloss).,Onthestatementoffinancialposition,deferredtaxassetsanddeferredtaxliabilitiesareclassifiedasnoncurrent,butarenotdiscounted.,ClassificationontheStatementofFinancialPosition,2013TheMcGraw-HillCompanies,Inc.,ClassificationontheStatementofFinancialPosition,DeferredtaxassetsandliabilitiesshouldnotbereportedindividuallybutshouldbeoffsetagainsteachotherThisis,ofcourse,assumingthatthecompanyhasarighttolegallysetoffcurrenttaxassetsagainstcurrenttaxliabilities.Deferredtaxassetsandliabilitiesshouldrelatetothesametaxableentityandtotaxesleviedbythesametaxationauthority.Theresultingnetamountisthenreportedaseitheranoncurrentasset(ifdeferredtaxassetsexceeddeferredtaxliabilities)ornoncurrentliability(ifdeferredtaxliabilitiesexceeddeferredtaxassets).,2013TheMcGraw-HillCompanies,Inc.,Disclosurenotesincludethefollowing:Currentportionoftaxexpense(benefit)Deferredportionoftaxexpense(benefit),relatingtotheoriginationandreversaloftemporarydifferencesTaxexpensetakentoincome,othercomprehensiveincomeandequity.Adjustmentsduetochangesintaxlawsorrates.Recognitionofpreviouslyunrecognizedtaxlossortaxcredit.Adjustmentsduetorevisedestimatesofdeferredtaxasset.Reconciliationbetweentaxexpenseandaccountingprofit.,AdditionalDisclosures,Relevantdetailedinformationneededforfulldisclosurepertainingtodeferredtaxamountsisreportedindisclosurenotes,includingthecomponentsofincometaxexpenseandavailableoperatinglosscarryforwards,CopingwithUncertaintyinIncomeTaxes,CopingwithUncertaintyinIncomeTaxes,FASBInterpretationNo.48Step1.Ataxbenefitmaybereflectedinthefinancialstatementsonlyifitis“morelikelythannot”thatthecompanywillbeabletosustainthetaxreturnposition,basedonitstechnicalmerits.Step2.Ataxbenefitshouldbemeasuredasthelargestamountofbenefitthatiscumulativelygreaterthan50-percentlikelytoberealized.,Not“morelikelythannot”=noneofthetaxbenefitisallowedtoberecorded,U.S.GAAPprovidesmoreexplicitguidelinesthantheIFRSonhowcompaniessh