TAILIEUCHUNG - Lecture Intermediate accounting - Chapter 16: Accounting for income taxes

In this chapter we explore the financial accounting and reporting standards for the effect of income taxes. The discussion defines and illustrates temporary differences, which are the basis for recognizing deferred tax assets and deferred tax liabilities, as well as permanent differences, which have no deferred tax consequences. You will learn how to adjust deferred tax assets and deferred tax liabilities when tax laws or rates change. We also discuss accounting for operating loss carrybacks and carrryforwards and intraperiod tax allocation. | Accounting for Income Taxes Chapter 16 Chapter 16: Accounting for Income Taxes In this chapter we explore the financial accounting and reporting standards for the effect of income taxes. The discussion defines and illustrates temporary differences, which are the basis for recognizing deferred tax assets and deferred tax liabilities, as well as permanent differences, which have no deferred tax consequences. You will learn how to adjust deferred tax assets and deferred tax liabilities when tax laws or rates change. We also discuss accounting for operating loss carrybacks and carrryforwards and intraperiod tax allocation. The Internal Revenue Code is the set of rules for preparing tax returns. Financial statement income tax expense. IRS income taxes payable. GAAP is the set of rules for preparing financial statements. Usually. . . Results in . . . The objective of accounting for income taxes is to recognize a deferred tax liability or deferred tax asset for the tax consequences of amounts that will become taxable or deductible in future years as a result of transactions or events that already have occurred. Deferred Tax Assets and Deferred Tax Liabilities Results in . . . The goals of financial accounting and tax accounting are not the same. Generally accepted accounting principles is the set of rules for preparing financial statements which are useful to investors and creditors. Congress, through the Internal Revenue Service, and its Internal Revenue Code, is primarily concerned with raising public revenues in a socially acceptable manner, and frequently, with influencing the behavior of taxpayers. A consequence of differences between GAAP and tax rules is that tax payments frequently occur in years different from the revenues and expenses generated that cause the taxes. The result is that financial statement income tax expense usually does not equal the IRS calculation of income taxes payable. The objective of accounting for income taxes is to recognize a deferred

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Financial Accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Financial reporting
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process