西方财务会计 原版课件19.ppt

C H A P T E R 19;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 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.;Fundamentals of Accounting for Income Taxes;Corporations must tax returns following the guidelines developed by the Internal Revenue Service (IRS), thus they:;Tax Code;Illustration: KRC, Inc. reported revenues of $130,000 and expenses of $60,000 in each of its first three years of operations. For tax purposes, KRC reported the same expenses to the IRS in each of the years. KRC reported taxable revenues of $100,000 in 2010, $150,000 in 2011, and $140,000 in 2012. What is the effect on the accounts of reporting different amounts of revenue for GAAP versus tax?;Revenues;Income tax expense (GAAP);Balance Sheet;A Temporary Difference is the difference between the tax basis of an asset or liability and its reported (carrying or book) amount in the financial statements that will result in taxable amounts or deductible amounts in future years. ;LO 2 Describe a temporary difference that results in future taxable amounts.;LO 2 Describe a temporary difference that results in future taxable amounts.;LO 2 Describe a temporary difference that results in future taxable amounts.;LO 2 Describe a temporary difference that results in future taxable amounts.;LO 2 Describe a temporary difference that results in future taxable amounts.;LO 2 Describe a temporary differ