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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
No deck description has yet been added by the author.
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
No deck description has yet been added by the author.
3  cards
C. Calculate the tax base of a company's assets and liabilities
No deck description has yet been added by the author.
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.
No deck description has yet been added by the author.
1  cards
E. Evaluate the imapct of the tax rate changes on a company's financial statements and ratios.
No deck description has yet been added by the author.
1  cards
F Distinguish between temp and permanent diff's in pre-tax accting inc. and taxable inc.
No deck description has yet been added by the author.
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
No deck description has yet been added by the author.
1  cards
H. Compare a companies deferred tax items
No deck description has yet been added by the author.
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.
No deck description has yet been added by the author.
2  cards

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l1 31 income taxes

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