taxeffectaccounting-TaxEffectAccounting(AASB1020)：纳税影响会计税收effectaccounting（AASB1020）.ppt

Objectives To be able to complete the entries necessary to apply accounting standard AASB 1020 - Tax Effect Accounting AASB 1020 The standard sets out the accounting treatment of a company’s income tax in general purpose financial reports prepared by a reporting entity The standard uses the ‘balance sheet’ approach analyses the differences between the entity’s balance sheet prepared for general purpose financial reporting the balance sheet for tax purposes. Basis of Tax Effect Accounting as a result of differences between accounting profit and taxable income ( Main difference because income tax treatment of some transactions based on cash flows whereas accounting based on accruals) difference between accounting balance sheet and taxation balance sheet (Even though tax balance sheet not actually produced) the difference leads to recognition of deferred tax assets/liabilities in the accounting balance sheet) Taxation vs Accounting Treatments Accounting Profit = revenue less expenses Based on accrual accounting and requirements of accounting standards Taxable Income = assessable income – allowable deductions Based on requirements of Income Tax Assessment Act Generally follows cash flows of transactions and events Taxation vs Accounting Treatments Assessable income ? Accounting revenue Revenue not yet received is not assessable Some revenue is exempt from tax eg Government grants Allowable deductions ? Accounting expenses Accounting and taxation depreciation rates may differ Some expenses are not deductible eg entertainment Some expenses are not deductible until a future period eg doubtful debts expense not deductible until debts are written off by the company as bad long service expense not allowed as a deduction until actually paid Reasons for differences between accounting tax ‘Balance Sheets’ Item Accounting Treatment Tax Treatment Depreciation As per AASB 1