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CFA 筆記整理 Income Taxes
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Income Taxes
Tax terminology (稅務(wù)報表科目)
? Taxable income：Income subject to tax based on the tax return.
? Taxes payable：The tax liability on the balance sheet caused by taxable income. This is also known as current
2、 tax expense.
? Income tax paid：The actual cash flow for income taxes including payments or refunds from other years.
? Tax loss carry forward：A current or past loss that can be used to reduce taxable income (thus, taxes payable) in the future. Can result in a deferred tax asset.由于虧損產(chǎn)生，可以抵扣未來利潤
?
3、 Tax base：Net amount of an asset or liability used for tax reporting purposes.
Financial reporting Terminology(財務(wù)報表科目)
? Accounting profit：Pretax financial income based on financial accounting standards. Also known as income before tax and earnings before tax
? Income tax expense：Expense recogniz
4、ed in the income statement that includes taxes payable and changes in deferred tax assets and liabilities (DTA and DTL). The income tax expense equation is:
Income tax expense=taxes payable+ΔDTL-ΔDTA
? Deferred tax liabilities：Balance sheet amounts that result from an excess of income tax expense
5、over taxes payable that are expected to result in future cash outflows.
? Deferred tax assets：Balance sheet amounts that result from an excess of taxes payable over income tax expense that are expected to be recovered from future operations. Can also result from tax loss carry forwards.
? Valuatio
6、n allowance：Reduction of deferred tax assets based on the likelihood the assets will not be realized.(遞延稅資產(chǎn)減值)
? Carrying value：Net balance sheet value of an asset or liability.
DTL(遞延稅負(fù)債）和?DTA(遞延稅資產(chǎn)）由于實際上繳給國家稅務(wù)機(jī)構(gòu)的稅金和財務(wù)報表上計算得出的稅金不一樣產(chǎn)生的。如果交給稅務(wù)局交的比財務(wù)報表上計算的交的多，就產(chǎn)生資產(chǎn)（DTA）相反就產(chǎn)生負(fù)債（DTL），資產(chǎn)代表了未來會的稅收會少交(相當(dāng)
7、于receiveble，這部分好處未來才發(fā)生，現(xiàn)在還沒收到）負(fù)債代表未來的稅收會多交。allowance?valuation是針對DTA來說的，如果這部分好處未來有可能會變少，比如現(xiàn)在的DTA是100，但是未來有可能這部分好處收不回了，比如這個稅收差異（temporary?difference)的反轉(zhuǎn)時間變長，或者反轉(zhuǎn)可能性降低，就說明這個100，現(xiàn)在值不了100了，要發(fā)生減值了，就好比receivable里的壞賬減值一樣的，如果現(xiàn)在確認(rèn)要發(fā)生allowance?valuation?=20,意思就是要減值20，現(xiàn)在的DTA就減少了，變成100-20=80
Temporary differe
8、nce vs. permanent difference
Temporary difference 暫時性差異
? Difference will reverse (差異會反轉(zhuǎn))
Deferred tax assets
由deductible temporary difference 引起未來taxable income變小
Taxes payable>income tax expense
? B/S amounts that result from an excess of tax payable over income tax expense that are expecte
9、d to be recovered from future operations. 未來會recover
Deferred tax liabilities
由taxable temporary difference 引起，導(dǎo)致未來taxable income變大
Taxes payable
10、ws.現(xiàn)在少付的稅，未來會多付
Permanent difference 永久性差異
Difference will not reverse, thus no deferred tax issues
差異不會反轉(zhuǎn)，就不存在遞延的概念
Permanent difference會引起公司的effective tax rate和法定的statutory tax rate不相等， effect tax rate= income tax expense/pretax income
Two steps for deferred tax
? Step 1 Identify DTL and DT
11、A through a B/S approach,
? Step 2 Calculate deferred tax expense
B/S approach
? Identify Accounting base and Tax base for every asset and liability item on B/S
? Calculate the difference between two bases
? For assets = accounting base – tax base
? For liabilities = ( - accounting base) – (-
12、tax base )
Positive figure x tax rate = DTL 屬于taxable temporary difference
Negative figure x tax rate = DTA 屬于deductible temporary difference
正數(shù)說明payable tax小于income tax expense, 產(chǎn)生DTL
負(fù)數(shù)說明payable tax大于income tax expense,產(chǎn)生DTA
計算結(jié)果為累積DTL/DTA
Reversal of temporary difference
Treatment
13、of DTL
If unlikely to be reversed
? Treated as equity [相當(dāng)于向稅務(wù)機(jī)關(guān)融資]
If to be reversed
? Treated as true liability
If non-reversal/reversal is uncertain
? Ignored
Treatment of DTA
If<50% probability to be reversed
? Valuation allowance is created
DTA’=DTA-Valuation allowance
Comparison of IFRS and U.S.GAAP
CFA 筆記整理Income Taxes
