ACCAF七财务报告IncomeTaxes幻灯片.pptVIP

F7 * Assets carrying amount tax base taxable TD × tax rate = Balance of DTL carrying amount tax base deductible TD × tax rate = Balance of DTA Item Carrying amounts / tax bases assets Prepaid expenses Future expenses Accrued revenues Non-future revenues liabilities Unearned revenues Future revenues Accrued expenses Non-future expenses Liabilities carrying amount tax base deductible TD × tax rate = Balance of DTA carrying amount tax base taxable TD × tax rate = Balance of DTL expenses =deductible items, revenues = taxable items Deferred tax liabilities Full provision / No discounting Accounting entry Dr. Income tax expense Cr. Income tax payable (current tax) Dr. Income tax expense + Cr. Deferred tax liability (originate) Dr. Deferred tax liability (reverse) Cr. Income tax expense - F7 * Continued- Relating to revaluations Accounting entry Dr. Assets Cr. Revaluation reserve Dr. Revaluation reserve－ Cr. Deferred tax liability (originate) Dr. Deferred tax liability (reverse) Cr. Revaluation reserve + F7 * Presentation on FS On the SCI Income tax expense Current tax X Origination of taxable td X Reversal of taxable td (X) X On the SFP Equity Revaluation reserve Revaluation surplus X Origination of taxable td (X) Reversal of taxable td X X Non-current liability deferred tax liability Balance, b/f X Origination of taxable td X Reversal of taxable td (X) Balance, c/f X Current liability Income tax payable (current tax) F7 * Example2, p401 Test 3, p402 Continued Example 1 A company had $10000 profit before tax every year from Year1 to Year 4. It acquired a machine costing $10000 at the beginning of Year1. Its useful life was 4 years, no salvage. The