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Chapter 19: Accounting for Income Taxes Identify differences between pretax financial income and taxable income. Describe a temporary difference that results in future taxable amounts. Describe a temporary difference that results in future deductible amounts. Explain the purpose of a deferred tax asset valuation allowance. Describe the presentation of income tax expense in the the income statement. Describe various temporary and permanent differences. Explain the effect of various tax rates and tax rate changes on deferred income taxes. Apply accounting procedures for a loss carryback and a loss carryforward. Describe the presentation of deferred income taxes in financial statements. Indicate the basic principles of the asset-liability method. Deferred taxes arise when income tax expense differs from income tax liability. The tax expense is determined under GAAP. The income tax liability is determined under the Internal Revenue Code. Some of these differences are temporary and reverse over time. Others are permanent and do not reverse. Revenues and gains, recognized in financial income, are later taxed for income tax purposes. Expenses and losses, recognized in financial income, are later deducted for income tax purposes. Revenues and gains are taxed for income tax purposes before they are recognized in financial income. Expenses and losses are deducted for income tax purposes before they are recognized in financial income. Items, recognized for financial accounting purposes, but not for income tax purposes: interest income received on tax exempt securities fines and expenses resulting from violations of law Premiums paid for life insurance on key officers/employees Items, recognized for tax purposes, but not for financial accounting purposes: the dividends received deduction under the Code percentage depletion of natural resources in excess of their cost Deferred taxes may be a: Deferred tax liability, or Deferred tax asset Deferred tax liability arise