Accounting for income taxes

Question 1

What is involved in intra-period tax allocation?

Answer 1

Intra-period tax allocation involves apportioning the total tax provision for financial accounting purposes in a period between the income or loss from IDEA & PUFER

Question 2

What is a general rule for intra-period tax allocation?

Answer 2

Any amount not allocated to continuing operations is allocated to other income statement items, other comprehensive income, or to shareholders’ equity in proportion to their individual effects on income or benefit for the year