西方财务会计 原版课件19

Chapter19-1Chapter19-2CHAPTER19ACCOUNTINGFORINCOMETAXESIntermediateAccounting13thEditionKieso,Weygandt,andWarfieldChapter19-31.Identifydifferencesbetweenpretaxfinancialincomeandtaxableincome.2.Describeatemporarydifferencethatresultsinfuturetaxableamounts.3.Describeatemporarydifferencethatresultsinfuturedeductibleamounts.4.Explainthepurposeofadeferredtaxassetvaluationallowance.5.Describethepresentationofincometaxexpenseintheincomestatement.6.Describevarioustemporaryandpermanentdifferences.7.Explaintheeffectofvarioustaxratesandtaxratechangesondeferredincometaxes.8.Applyaccountingproceduresforalosscarrybackandalosscarryforward.9.Describethepresentationofdeferredincometaxesinfinancialstatements.10.Indicatethebasicprinciplesoftheasset-liabilitymethod.LearningObjectivesChapter19-4FundamentalsofAccountingforIncomeTaxesFuturetaxableamountsanddeferredtaxesFuturedeductibleamountsanddeferredtaxesIncomestatementpresentationSpecificdifferencesRateconsiderationsAccountingforNetOperatingLossesFinancialStatementPresentationReviewofAsset-LiabilityMethodLosscarrybackLosscarryforwardLosscarrybackexampleLosscarryforwardexampleBalancesheetIncomestatementUncertaintaxpositionsAccountingforIncomeTaxesChapter19-5CorporationsmustfileincometaxreturnsfollowingtheguidelinesdevelopedbytheInternalRevenueService(IRS),thusthey:LO1Identifydifferencesbetweenpretaxfinancialincomeandtaxableincome.FundamentalsofAccountingforIncomeTaxescalculatetaxespayablebaseduponIRScode,calculateincometaxexpensebaseduponGAAP.AmountreportedastaxexpensewilloftendifferfromtheamountoftaxespayabletotheIRS.Chapter19-6TaxCodeExchangesInvestorsandCreditorsFinancialStatementsPretaxFinancialIncomeGAAPIncomeTaxExpenseTaxableIncomeIncomeTaxPayableTaxReturnvs.FundamentalsofAccountingforIncomeTaxesLO1Identifydifferencesbetweenpretaxfinancialincomeandtaxableincome.Illustration19-1Chapter19-7Illustration:KRC,Inc.reportedrevenuesof$130,000andexpensesof$60,000ineachofitsfirstthreeyearsofoperations.Fortaxpurposes,KRCreportedthesameexpensestotheIRSineachoftheyears.KRCreportedtaxablerevenuesof$100,000in2010,$150,000in2011,and$140,000in2012.WhatistheeffectontheaccountsofreportingdifferentamountsofrevenueforGAAPversustax?LO1Identifydifferencesbetweenpretaxfinancialincomeandtaxableincome.FundamentalsofAccountingforIncomeTaxesChapter19-8RevenuesExpensesPretaxfinancialincomeIncometaxexpense(40%)$130,00060,000$70,000$28,000$130,000201160,000$70,000$28,000$130,000201260,000$70,000$28,000$390,000Total180,000$210,000$84,000GAAPReportingRevenuesExpensesPretaxfinancialincomeIncometaxpayable(40%)$100,000201060,000$40,000$16,000$150,000201160,000$90,000$36,000$140,000201260,000$80,000$32,000$390,000Total180,000$210,000$84,000TaxReporting2010LO1Identifydifferencesbetweenpretaxfinancialincomeandtaxableincome.Bookvs.TaxDifferenceIllustration19-2Illustration19-3Chapter19-9Incometaxexpense(GAAP)Incometaxpayable(IRS)Difference$28,00016,000$12,000$28,000201136,000$(8,000)$28,000201232,000$(4,000)$84,000Total84,000$0Comparison2010Arethedifferencesaccountedforinthefinancialstatements?YearReportingRequirement201020112012Deferredtaxliabilityaccountincreasedto$12,000Deferredtaxliabilityaccountreducedby$8,000Deferredtaxliabilityaccountreducedby$4,000YesLO1Identifydifferencesbetweenpretaxfinancialincomeandtaxableincome.Bookvs.TaxDifferenceIllustration19-4Chapter19-10BalanceSheetAssets:Liabilities:Equity:Incometaxexpense28,000IncomeStatementRevenues:Expenses:Netincome(loss)20102010Deferredtaxes12,000Wheredoesthe“deferredtaxliability”getreportedinthefinancialstatements?Incometaxpayable16,000LO1Identifydifferencesbetweenpretaxfinancialincomeandtaxableincome.FinancialReportingfor2010Chapter19-11ATemporaryDifferenceisthedifferencebetweenthetaxbasisofanassetorliabilityanditsreported(carryingorbook)amountinthefinancialstatementsthatwillresultintaxableamountsordeductibleamountsinfutureyears.FutureTaxableAmountsFutureDeductibleAmountsDeferredTaxLiabilityrepresentstheincreaseintaxespayableinfutureyearsasaresultoftaxabletemporarydifferencesexistingattheendofthecurrentyear.DeferredTaxAssetrepresentstheincreaseintaxesrefundable(orsaved)infutureyearsasaresultofdeductibletemporarydifferencesexistingattheendofthecurrentyear.Illustration19-22ExamplesofTemporaryDifferencesLO2Describeatemporarydifferencethatresultsinfuturetaxableamounts.TemporaryDifferencesChapter19-12LO2Describeatemporarydifferencethatresultsinfuturetaxableamounts.FutureTaxableAmountsandDeferredTaxesIllustration:InKRC’ssituation,theonlydifferencebetweenthebookbasisandtaxbasisoftheassetsandliabilitiesrelatestoaccountsreceivablethatarosefromrevenuerecognizedforbookpurposes.KRCreportsaccountsreceivableat$30,000intheDecember31,2010,GAAP-basisbalancesheet.However,thereceivableshaveazerotaxbasis.Illustration19-5Chapter19-13LO2Describeatemporarydifferencethatresultsinfuturetaxableamounts.FutureTaxableAmountsandDeferredTaxesKRCassumesthatitwillcollecttheaccountsreceivableandreportthe$30,000collectionastaxablerevenuesinfuturetaxreturns.KRCdoesthisbyrecordingadefer