tailieunhanh - Lecture Intermediate accounting (Volume 2, 11th Canadian edition) – Chapter 18: Income taxes
After studying this chapter, you should be able to: Understand the importance of income taxes from a business perspective; explain the difference between accounting income and taxable income, and calculate taxable income and current income taxes; explain what a taxable temporary difference is, determine its amount, and calculate deferred tax liabilities;. | 1 CHAPTER 18: INCOME TAXES 2 2 CHAPTER 18: Income Taxes After studying this chapter, you should be able to: Understand the importance of income taxes from a business perspective. Explain the difference between accounting income and taxable income, and calculate taxable income and current income taxes. Explain what a taxable temporary difference is, determine its amount, and calculate deferred tax liabilities. Explain what a deductible temporary difference is, determine its amount, and calculate deferred tax assets. Prepare analyses of deferred tax balances and record deferred tax expense. Explain the effect of multiple tax rates and tax rate changes on income tax accounts, and calculate current and deferred tax amounts when there is a change in substantively enacted tax rates. Account for a tax loss carryback. Account for a tax loss carryforward, including any note disclosures. Explain why the Deferred Tax Asset account is reassessed at the statement of financial position date, and account for the deferred tax asset with and without a valuation allowance account. Identify and apply the presentation and disclosure requirements for income tax assets and liabilities, and apply intraperiod tax allocation. Identify the major differences between ASPE and IFRS for income taxes. 3 3 Income Taxes from a Business Perspective A major consideration for new companies is the tax rate that will be paid on their profits Corporations file income tax returns that are administered by the Canada Revenue Agency (CRA) The purpose is to raise money to support government operations 4 LO1 Understand the importance of income taxes from a business perspective. 4 Accounting and Taxable Income Accounting income (or profit) is a pre-tax concept Determined according to IFRS or ASPE Objective is to provide useful information to users of the financial statements Taxable income is a tax accounting term Determined according to the Income Tax Act and Regulations Used to determine income tax payable . | 1 CHAPTER 18: INCOME TAXES 2 2 CHAPTER 18: Income Taxes After studying this chapter, you should be able to: Understand the importance of income taxes from a business perspective. Explain the difference between accounting income and taxable income, and calculate taxable income and current income taxes. Explain what a taxable temporary difference is, determine its amount, and calculate deferred tax liabilities. Explain what a deductible temporary difference is, determine its amount, and calculate deferred tax assets. Prepare analyses of deferred tax balances and record deferred tax expense. Explain the effect of multiple tax rates and tax rate changes on income tax accounts, and calculate current and deferred tax amounts when there is a change in substantively enacted tax rates. Account for a tax loss carryback. Account for a tax loss carryforward, including any note disclosures. Explain why the Deferred Tax Asset account is reassessed at the statement of financial position date, and .
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