FAR 5 Module 7 Flashcards
1
Q
What is the Financial Reporting Basis and the Tax basis?
A
2
Q
What is the uncertain tax position?
Recognition of Tax benefit?
What is the JE and Steps?
A
3
Q
How do you handle a Net Operating Loss (NOL) for tax purposes when carrying it forward?
A
4
Q
Which tax rate should be used to calculate deferred tax assets (DTA) and deferred tax liabilities (DTL) for temporary differences?
A
5
Q
What happens if taxable income is higher than book (financial) income?
A
the company will have a deferred tax asset (DTA).
6
Q
Temporary differences that will reverse during the next year and decrease taxable income would be classified as:
DTA?
DTL?
A
Classified as DTA
7
Q
What would be the JE for the following?
A
