[小学教育]analyst notes ss10.pdfVIP

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[小学教育]analyst notes ss10

2006 CFA Level 1 - Study Session 10 - Liabilities Study Session 10 Liabilities ©ANALYSTNOTES.COM 1 2006 CFA Level 1 - Study Session 10 - Liabilities Section A. Analysis of Income Taxes a. Glossary : income tax. The computation of income taxes poses problems in financial reporting. The maj or problems arise because current period taxable income is measured using different rules to accounting (pretax income). Taxes are paid based on tax reporting, but from a financial reporting standpoint, the tax expense in the income statement (IS) is based on the matching principle and is computed on pretax accounting income. In order to achieve matching between taxes based on taxable income and taxes based on pretax income for accounting purposes, deferred tax entries are put through the accounting books. The differences between the tax expense for tax and the accounting tax expense create deferred tax liabilities (credits) and deferred tax assets (debits or prepaid taxes). Here are key terms based on tax return: Taxable income - Income tax subj ect to tax. Taxes payable - Tax return liability resulting from current period taxable income. (U.S.) FAS 109 calls this current tax expense or benefit. Income tax paid - Actual cash flow for income taxes, including payments (refunds) for other years. Tax loss carryforward - Tax return loss that can be used to reduce taxable income in future years. Here are key terms based on financial reporting: Pretax income - Income before income tax expense. Income tax expense - Expense resulting from current period pretax income; includes taxes payable and deferred income tax expense. Deferred income tax expense - Accrual of income tax expense expected to be paid (or recovered) in future years; difference between taxes payable and income tax expense. Under

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