TAILIEUCHUNG - Lecture Taxation of individuals and business entities 2015 (6/e) - Chapter 17: Accounting for income taxes

The purpose of this chapter is: Explain the objectives behind FASB ASC Topic 740, Accounting for Income Taxes, and the income tax provision process; calculate the current and deferred income tax expense or benefit components of a company’s income tax provision; recall what a valuation allowance represents and describe the process by which it is determined;. | Chapter 17 Accounting for Income Taxes 1 Learning objectives Explain the objectives behind FASB ASC Topic 740, Accounting for Income Taxes, and the income tax provision process Calculate the current and deferred income tax expense or benefit components of a company’s income tax provision Recall what a valuation allowance represents and describe the process by which it is determined 2 Learning objectives Explain how a company accounts for its uncertain income tax positions under ASC 740 (a codification of FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes) Recognize the different components of a company’s disclosure of its income tax accounts in the financial statements and footnotes and comprehend how a company computes and discloses the components of its “effective tax rate” 3 Objectives of “Accounting for Income Taxes” and Income Tax Provision Process The income tax provision includes Current year taxes payable or refundable Any changes to future income .

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