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L1 31 Income Taxes

This class was created by Brainscape user Steven Popovic. Visit their profile to learn more about the creator.

By: Steven Popovic
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Decks in this class (10)

A. Describe the diff. between Accting profit and taxable income, and define key terms, including deferred tax assets, deferred liabilities, valuation allowance, taxes payable, and income tax expense
Taxable income 1,
Taxes payable 2,
Income tax paid 3
13  cards
B. Explain how deferred tax liabilities and assets are created and the factors that determine how a companys deferred tax liabilities and assets should be treated for the purpose of financial analysis
How deferred tax liabilities are ...,
The factors that determine how a ...,
How deferred tax assets are creat...
3  cards
C. Calculate the tax base of a company's assets and liabilities
Tax base of assets 1,
Tax base of assets ex s 2,
Tax base of liabilities 3
4  cards
D. Calculate income tax expense, income taxes payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the financial statements related to changes in the income tax rate.
Ex s 235 238 1
1  cards
E. Evaluate the imapct of the tax rate changes on a company's financial statements and ratios.
Income tax expense clc ex 239 1
1  cards
F Distinguish between temp and permanent diff's in pre-tax accting inc. and taxable inc.
Permanent difference 1,
Temporary difference 2
2  cards
G Describe the valuation allowance for fferred tax assets, when it is required and what impact it has on financial statements
Deffered taxes are created from temp. diff's that are expected to reverse in the future
1  cards
J. ID the key provisions of and differences between income tax accounting under IFRS and US GAAP
Key diff s between income tax acc...
1  cards
H. Compare a companies deferred tax items
Analyxing deferrd tax item disclo...
1  cards
I Analyze disclousres relating to deferred tax items and the effective tax rate reconciliation, and explain how information included in these disclousres affects a companys financial statements and financnail ratios.
Analyzing the effective tax rate ...,
Analyzing the effective tax rate ...
2  cards

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L1 31 Income Taxes

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