Student Learning Outcomes
|
|
- Adelia Stokes
- 6 years ago
- Views:
Transcription
1 Chapter 16 Accounting for Income Taxes Part 2: The Nuances Intermediate Accounting II Dr. Chula King Student Learning Outcomes Explain how a change in tax rates affects the measurement of deferred tax amounts Determine income tax amounts when multiple temporary differences exist Describe when and how an operating loss carryforward and an operating loss carryback are recognized in the financial statements Explain how deferred tax assets and deferred tax liabilities are reported in a classified balance sheet Recap Deferred Tax Liabilities (DTL): Arise when items of revenue are included in accounting income before being included in taxable income, or items of expense are deducted for tax purposes before being bi expensed dfor accounting purposes. Deferred Tax Assets (DTA): Arise when items of revenue are included in taxable income before being included in accounting income, or items of expense are expensed for accounting purposes before they are deducted for tax purposes. 1
2 Tax Rate Considerations Deferred tax assets and deferred tax liabilities should be determined based on currently enacted tax rates that will be effective in the year(s) the temporary difference reverses. If a change in the tax law or the tax rate occurs, the deferred tax asset or deferred tax liability must be adjusted to reflect that change. Multiple Temporary Differences The existence of multiple temporary differences does not change any of the principles related to a single difference Categorize all temporary differences according to whether they will create future taxable amounts (DTL), or future deductible amounts (DTA) Balance in DTL = Future tax rate x Total of future taxable amounts Balance in DTA = Future tax rate x Total of future deductible amounts Net Operating Loss Net Operating Loss (NOL) is negative taxable income; tax deductible expenses exceed taxable revenue Tax laws allow companies to use NOLs to offset taxable income in earlier or subsequent periods Carryback: NOL used to offset earlier taxable income; Tax refund Carryfoward: NOL used to offset future taxable income; Reduced taxes payable in future year(s); creates Deferred Tax Asset 2
3 Application of NOL Carryback Period -2-1 Current Year Carryforward Period The NOL may first be applied against taxable income from two previous years, starting first with the earlier year. Unused NOL may be carried forward for 20 years. For Example During 2013, Apex, Inc., reported an operating loss of $125 million for financial reporting and tax purposes. The enacted tax rate is for 2013 is 40%. Taxable income, tax rates, and income taxes paid in the two previous years were as follows: Taxable Income Taxable Rates Income Taxes Paid 2011 $20 million 35% $ 7 million million 40% 22 million For Example (continued) Prior Years Current Year Taxable Income/Operating Loss $20 $55 $(125) Loss Carryback 2011 (20) 20 Loss Carryback 2012 (55) 55 Balance $(50) Future Deductible Amounts (Total) Loss Carryforward 50 $(50) Balance $-0- Enacted Tax Rates 35% 40% 40% 40% Taxes Payable (refundable) $(7) $(22) $-0- Deferred Tax Asset $(20) 3
4 Journal Entry Income Tax Receivable 29 Deferred Tax Asset 20 Income Tax Benefit NOL 49 For Example During 2013, its first year of operation, Apex, Inc., reported an operating loss of $125 million for financial reporting and tax purposes. The enacted tax rate is 40%. Carryforward amount (future deductible amount) = $(125) million Deferred Tax Asset = 40% x $125 million = $50 million Deferred Tax Asset 50 Income Tax Benefit NOL 50 Balance Sheet Classification Deferred tax assets and deferred tax liabilities are classified as current or noncurrent based on the classification of the related asset or liability that gave rise to the deferred tax asset or deferred tax liability If not related to a specific asset or liability, then the deferred tax asset or deferred tax liability should be classified according to when the underlying temporary difference is expected to reverse. 4
5 Balance Sheet Classification - Netting Current deferred tax assets netted with current deferred tax liabilities Noncurrent deferred tax assets netted with noncurrent deferred tax liabilities The Next Step Exercises 3, 4, 5, 6, 7, 10, 11, 14, 15, 17, 18, 25 Problems 1, 3, 5, 7, 9 5
Student Learning Outcomes
Chapter 12 Investments Part 2: Investor has Significant Influence Intermediate Accounting II Dr. Chula King Student Learning Outcomes Explain what constitutes significant influence by the investor Demonstrate
More informationChapter 6 Supplemental Homework. Part 2. Problems
Chapter 6 Supplemental Homework 1 A Which of the items represent temporary book tax differences? 2 C What amounts enter into computation of effective tax rate? 3 C How are deferred tax liabilities and
More informationChapter 16 Income Tax 16-1
Chapter 16 Income Tax 1. The concept of deferred taxes and the permanent and temporary differences 2. Compute the deferred tax liabilities and assets 3. The tax loss carrybacks and carryforwards 4. Future
More informationU.S. Tax Reform: Implications on Accounting for Income Taxes
U.S. Tax Reform: Implications on Accounting for Income Taxes On December 22, 2017, President Trump signed into law the 2017 U.S. tax reform bill An Act to provide for reconciliation pursuant to titles
More informationStatement of Statutory Accounting Principles No. 10
Superseded SSAPs and Nullified Interpretations SSAP No. 10 Statement of Statutory Accounting Principles No. 10 Income Taxes STATUS Type of Issue: Issued: Common Area Initial Draft Effective Date: January
More informationStudent Learning Outcomes
Chapter 14: Bonds and Long-Term Notes Part 1 - Bonds Intermediate Accounting II Dr. Chula King Student Learning Outcomes Account for bonds at face value, at a discount, or at a premium using the effective
More informationU.S. Tax Reform: Implications on Accounting for Income Taxes
U.S. Tax Reform: Implications on Accounting for Income Taxes On December 22, 2017, President Trump signed into law the 2017 U.S. tax reform bill An Act to provide for reconciliation pursuant to titles
More informationIAS 12 (revised 2000)
IAS 12 (revised 2000) Income Taxes Implementing IAS Overview Current taxes Deferred taxes: temporary differences calculation of deferred taxes consolidation and deferred taxes presentation and disclosures
More informationACCT Corporate Income Tax. Chapter 6. Spring, 2017.
ACCT 6120. Corporate Income Tax. Chapter 6. Spring, 2017. Note: this assignment has more problems than usual. You may choose to work all of these problems if you need to a thorough review of the rules,
More informationB EXERCISES. Instructions (a) Compute taxable income for 2010.
JWCL163_ch19_01-08.qxd 8/3/09 3:32 PM Page 1 B EXERCISES 5) E19-1B (One Temporary Difference, Future Deductible Amounts, One Rate, No Beginning Deferred Taxes) Allied Corporation has one temporary difference
More informationStudent Learning Outcomes
Chapter 13 Part 2 - Contingencies Intermediate Accounting II II Dr. Dr. Chula King Student Learning Outcomes Identify situations that constitute contingencies and the circumstances under which they should
More informationCanadian Tax Alert. US tax reform financial reporting considerations. Contacts: Jim McDonald National Service Line Leader US Tax Tel:
Canadian Tax Alert US tax reform financial reporting considerations February 15, 2018 On December 22, 2017, the US tax legislation known as the Tax Cuts and Jobs Act (the Act) was signed into law by the
More information4. What types of changes in the TCJA should be reflected in the 2017 financials?
Tax Cuts and Jobs Act (TCJA) Insurance Company Q&A Tax Reserves 1. Is 92.81 percent applied to the Statutory Reserve as reported in the Annual Statement? 2. What valuation interest rate or mortality table
More informationStudent Learning Outcomes
Chapter 18 Shareholders Equity Part 2: Additional Issues Intermediate Accounting II Dr. Chula King Student Learning Outcomes Distinguish between accounting for retired shares and for treasury shares Describe
More informationLearning Outcomes. The Basic Accounting Cycle
Chapter 2: Review of the Accounting Process Part 3: Accounting Cycle with Emphasis on Year End Activities Intermediate Accounting 1 Dr. Chula King Learning Outcomes After completing this part, you should
More information1 www.cpacoachingmontreal.com info@cpacoachingmontreal.com XX - Income Taxes (IAS 12, ASPE Section 3465): While this section is not usually heavily tested from a case-writing standpoint, it is a staple
More informationStatutory Accounting Principles (E) Working Group Maintenance Agenda Submission Form Form A
Issue: Federal Income Tax Reform Statutory Accounting Principles (E) Working Group Maintenance Agenda Submission Form Form A Check (applicable entity): Modification of existing SSAP New Issue or SSAP Interpretation
More informationCourse # Accounting For Income Tax
Course # 171035 Accounting For Income Tax based on the electronic.pdf file(s): Accounting For Income Tax by: Delta CPE, 2014, 99 pages 4 CPE Credit Hours Accounting & Auditing A P E X C P E. C O M.....
More informationSSAP 101: Advanced topics
SSAP 101: Advanced topics Session 506 Panel members Jeanine Kissinger, CPA Nationwide Insurance Aaron Maguire, CPA Dixon Hughes Goodman LLP Carrie Small, CPA Baker Tilly Virchow Krause, LLP 3 Agenda 1)
More informationInsurance tax for non-tax professionals: A year-end update of tax changes and insights
Insurance tax for non-tax professionals: A year-end update of tax changes and insights December 9, 2015 Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member
More information25th Annual Health Sciences Tax Conference
25th Annual Health Sciences Tax Conference Accounting for income taxes exempt organizations December 9, 2015 Disclaimer EY refers to the global organization, and may refer to one or more, of the member
More informationAccounting for Income Taxes
Accounting for Income Taxes Publication Date: November 2016 Accounting for Income Taxes Copyright 2016 by DELTACPE LLC All rights reserved. No part of this course may be reproduced in any form or by any
More informationFrequently Asked Questions About. Tax Reform. Financial Reporting Alert 18-1 January 3, 2018 (Last updated August 30, 2018) Contents.
Financial Reporting Alert 18-1 January 3, 2018 (Last updated August 30, 2018) Contents Introduction SAB 118 FASB ASU and Q&As (Updated June 20, 2018) Change in Corporate Tax Rate Modification of Carryforwards
More informationLife Sciences Accounting and Financial Reporting Update Interpretive Guidance on Income Taxes
Life Sciences Accounting and Financial Reporting Update Interpretive Guidance on Income Taxes March 2018 Income Taxes Introduction The accounting for income taxes under ASC 740 is sometimes very specific
More informationFrequently Asked Questions About. Tax Reform. Financial Reporting Alert 18-1 January 3, 2018 (Last updated January 19, 2018) Contents.
Financial Reporting Alert 18-1 January 3, 2018 (Last updated January 19, 2018) Contents Introduction Change in Corporate Tax Rate Modification of Carryforwards and Certain Deductions Limitation on Business
More informationCurrent Developments New GAAP Requirements and Effect on Accounting for Income Taxes
Current Developments New GAAP Requirements and Effect on Accounting for Income Taxes Greg Pfahl/John Monahan December 8, 2016 New Revenue Recognition Standard Replacing industry-specific guidance, the
More informationscaling complex rules.
scaling complex rules. Accounting for Income Taxes: Recent Trends & Developments DALLAS CPA Society Katherine Morris, CPA May 8, 2014 a tangled web of complex matters Accounting for Income Taxes Course
More informationChapter 7 Cash and Receivables. Student Learning Outcomes. What is Cash? Chapter 7 ACG 3101
Chapter 7 Cash and Receivables Intermediate Accounting I Dr. Chula King 1 Student Learning Outcomes Describe what is meant by internal control Identify items as cash Indicate how to report cash and related
More informationSU 3.1 Property, Plant, and Equipment
Part 1 Study Unit 3 SU 3.1 Property, Plant, and Equipment Overview Property, plant and equipment are also referred to as fixed assets, or capital assets. Last more than 1 year. Are for production or benefit
More informationASC 740 UPDATE CASE STUDIES
ASC 740 UPDATE CASE STUDIES Tax Executives Institute Detroit Chapter June 14, 2017 BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company
More informationAGA Taxation Committee Meeting Accounting for Income Taxes: Recent Developments and Current Issues
AGA Taxation Committee Meeting Accounting for Income Taxes: Recent Developments and Current Issues David J. Yankee Deloitte Tax LLP Accounting for Income Taxes: Recent Developments and Current Issues FASB
More informationRevenue Chapter ALABAMA DEPARTMENT OF REVENUE ADMINISTRATIVE CODE CHAPTER NET OPERATING LOSS TABLE OF CONTENTS
Revenue Chapter 810 3 15.2 ALABAMA DEPARTMENT OF REVENUE ADMINISTRATIVE CODE CHAPTER 810 3 15.2 NET OPERATING LOSS TABLE OF CONTENTS 810 3 15.2.01 Net Operating Loss Carryback Or Carryover 810 3 15.2.01
More informationHighlights. Tax Cuts and Jobs Act of 2017
Highlights Tax Cuts and Jobs Act of 2017 Individual Taxes and s 2018 Tax s (Single) $0 to $9,525 $0 to $9,525 $9,525 to $38,700 $9,525 to $38,700 12% $38,700 to $93,700 25% $38,700 to $82,500 22% $93,700
More informationU.S. GAAP & IFRS: Today and Tomorrow Sept , New York. Overview of Basic GAAP
U.S. GAAP & IFRS: Today and Tomorrow Sept. 13-14, 2010 New York Overview of Basic GAAP Mark Freedman Overview of basic GAAP concepts Mark Freedman Ernst & Young September 13-14, 2010 Society of Actuaries
More informationAccounting implications of US tax reform
Accounting implications of US tax reform What audit committees need to know Summary of key provisions of the Tax Cuts and Jobs Act The Tax Cuts and Jobs Act (the Act) was signed by President Trump on 22
More informationSlides IAS 12 Income Taxes. BDO Atrio. IAS 12 (revised 2000) Income Taxes. BDO Atrio
(revised 2000) 1 Authoritive pronouncements (revised 2000) SIC 21: Income taxes; Recovery of revalued Non-depreciable assets SIC 25: Income taxes; Changes in the tax status of an enterprise or its shareholders
More informationCalculation. Iess. X Applicable Tax Rate = Deferred Tax Asset/ Income Tax Value (Tax Base) Book Value (Carrying Value) Temporary Difference
IAS 12 Income Tax Calculation Book Value (Carrying Value) Iess Income Tax Value (Tax Base) = Temporary Difference Temporary Difference X Applicable Tax Rate = Deferred Tax Asset/ Liability Background Issued
More informationContents Unit 2 Presentation of financial statements... 3
Contents Unit 2 Presentation of financial statements... 3 Preparing a statement of cash flows... 3 Preparing the reconciliation of operating cash flows... 4 Unit 4 Income taxes... 5 Calculating the current
More informationDeliberation on IFRS. by CA. D.S. Rawat
Deliberation on IFRS IAS-1,2,,7, 8,10, 12,16,17,18,19,20, 23, 24,27,28,31,32,36,37,38,39,40 IFRS -5,6,7, 8 by CA. D.S. Rawat Partner, Bansal & Co. IAS-12 Income Taxes Objective Accounting for current and
More informationSSAP No. 101: Issues to consider
SSAP No. 101: Issues to consider Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International. Agenda 1) General observations 2) Valuation
More informationWelcome 2016 Federal Tax Update
Welcome 2016 Federal Tax Update We will begin at the top of the hour Please have your computer speakers turned on All audio is streamed directly through the console and heard through your computer speakers.
More informationAccounting for Income Taxes Calculations & Concepts
Accounting for Income Taxes Calculations & Concepts Notice The following information is not intended to be written advice concerning one or more Federal tax matters subject to the requirements of section
More informationYORK UNIVERSITY SCHOOL OF ADMINISTRATIVE STUDIES (Last) (First) Professor Sung Kwon (Section B) Ms. Shaweta Roopra (Section A)
YORK UNIVERSITY Name, SCHOOL OF ADMINISTRATIVE STUDIES (Last) (First) Professor Sung Kwon (Section B) Ms. Shaweta Roopra (Section A) ADMS 3595 Intermediate Financial Accounting II EXAM I, Fall 2013 (White
More informationTax Reform 2017 Insurance Related Provisions. NCSL Insurance Task Force May 10, 2018
Tax Reform 2017 Insurance Related Provisions NCSL Insurance Task Force May 10, 2018 2017 Tax Act Common Title: Tax Cuts and Jobs Act ( TCJA ) Official Title: An Act to provide for reconciliation pursuant
More informationTax Update for. Banks. Paul Fries, CPA, MST June 8, 2017
Tax Update for Banks Paul Fries, CPA, MST June 8, 2017 Federal Tax Reform - Trump Business tax rate reduction to 15% Current top corporate rate = 35% Territorial-based system of taxation Much more common
More informationIn December 1987, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 96, Accounting for Income Taxes.
Q&A 96 A Guide to Implementation of Statement 96 on Accounting for Income Taxes: Questions and Answers [FASB Statement No. 96, Accounting for Income Taxes, was superseded by FASB Statement No. 109, Accounting
More informationGAIN CLARITY BANK TAXATION: TANGIBLE PROPERTY AND DEVELOPMENTS
Jeffrey Ring, CPA, MST Tax Consulting & Compliance Group GAIN CLARITY BANK TAXATION: TANGIBLE PROPERTY AND DEVELOPMENTS berrydunn.com TODAY S OBJECTIVE Help taxpayers who acquire, produce, or improve tangible
More informationIFRS in Focus. Accounting for the effects of the U.S. tax reform legislation under IFRS. Contents
January 2018 IFRS in Focus Accounting for the effects of the U.S. tax reform legislation under IFRS Contents Change in Corporate Tax Rate Modification of Net Operating Loss Carryforwards Deemed Repatriation
More informationUS proposed Tax reform. December 2017
US proposed Tax reform December 2017 The Tax wars מלחמת המיסים" Legislative process and timeline November November/December December/early 2018 House Senate Office of the President of the United States
More informationLearning Outcomes. The Statement of Cash Flows. Chapter 4: The Income Statement, Comprehensive Income and The Statement of Cash Flows: Part 2
Chapter 4: The Income Statement, Comprehensive Income and The Statement of Cash Flows: Part 2 The Statement of Cash Flows Dr. Chula King Intermediate Accounting 1 Learning Outcomes After completing this
More informationTAX CUTS AND JOBS ACT (H.R. 1), 2018 A CLOSER LOOK PREPARED BY: ADIL A. BALOCH, CPA; CTRS. Accurate Records and Tax Services, Inc.
TAX CUTS AND JOBS ACT (H.R. 1), 2018 A CLOSER LOOK PREPARED BY: ADIL A. BALOCH, CPA; CTRS Accurate Records and Tax Services, Inc. 18562 Office Park Dr. Montgomery Village, MD 20886 (301) 519-1445 info@aabcpa.com
More informationTax Reform: What Dealers Need to Know
Tax Reform: What Dealers Need to Know 1 Disclosure To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication is not intended or written
More informationAccounting for Income Taxes
College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 1992 Accounting for Income Taxes David W. LaRue
More informationDeferred Tax-Practice questions- part 1
Deferred Tax-Practice questions- part 1 1. Justification for the method of determining periodic deferred tax expense is based on the concept of a. Matching of periodic expense to periodic revenue. (also,
More informationTAX CUTS & JOBS ACT Provisions of Interest to Insurers
TAX CUTS & JOBS ACT Provisions of Interest to Insurers P R E S E N T E D B Y: T H O M A S F. W H E E L A N D INTRODUCTIONS Tom Wheeland Partner 2 OUR GOALS FOR TODAY 1 2 Outline Basic Provisions Applicable
More informationAccounting for Income Taxes
CHAPTER 19 O BJECTIVES After reading this chapter, you will be able to: 1 Understand permanent and temporary differences. 2 Explain the conceptual issues regarding interperiod tax allocation. 3 Record
More informationThe Financial Reporter
Article from: The Financial Reporter December 2011 Issue 87 Tax Considerations In Actuarial Projections By Edward Robbins and Stephen Baker This article speaks to a major component of actuarial projections
More informationAS 22 (issued 2001) Accounting for Taxes on Income
Scope AS 22 (issued 2001) Accounting for Taxes on Income 1. Taxes on income include all domestic and foreign taxes which are based on taxable income. 2. This AS does not specify when, or how, an enterprise
More informationChapter 4 Intercompany Transactions: Topic 1, Merchandise. Student Learning Outcomes
Chapter 4 Intercompany Transactions: Topic 1, Merchandise Dr. Chula King Advanced Accounting The University of West Florida 1 Student Learning Outcomes Explain why transactions between members of a consolidated
More informationU.S. Multinationals & Assembling the U.S. Tax Provision
U.S. Multinationals & Assembling the U.S. Tax Provision Council For International Tax Education Advanced Tax Accounting Update New York, December 11-12, 2006 R.G. Rinninsland The Ruchelman Law Firm Current
More informationTechnical Line. A closer look at accounting for the effects of the Tax Cuts and Jobs Act. What you need to know. Overview
No. 2018-02 Updated 10 January 2018 Technical Line A closer look at accounting for the effects of the Tax Cuts and Jobs Act In this issue: Overview... 1 Summary of key provisions of the Tax Cuts and Jobs
More informationReporting High Volatility Commercial Real Estate (HVCRE) Exposures
Supplemental Instructions: June 2018 Holding Company Reports Reporting High Volatility Commercial Real Estate (HVCRE) Exposures Section 214 of the Economic Growth, Regulatory Relief, and Consumer Protection
More informationTax Bill Comparison. December 2017
Tax Bill Comparison December 2017 Individual Taxes and s 2018 Tax s (Single) $0 to $9,525 $0 to $45,000 $0 to $9,525 $9,525 to $38,700 $45,000 to $200,000 $9,325 to $38,700 $38,700 to $93,700 $200,000
More informationASSURANCE AND ACCOUNTING ASPE - IFRS: A Comparison Income Taxes
ASSURANCE AND ACCOUNTING - : A Comparison Income Taxes In this publication we will examine the key differences between Accounting Standards for Private Enterprises () and International Financial Reporting
More informationIAS 12 INCOME TAXES. Overview
IAS 12 INCOME TAXES Overview IAS 12 Income Taxes implements a so-called 'comprehensive balance sheet method' of accounting for income taxes which recognises both the current tax consequences of transactions
More informationIncome Taxes- Ind AS 12
Income Taxes- Ind AS 12 Agenda 1. Scope and key terms 2. Recognition and Measurement principles 3. Consolidation Outside tax basis 4. Uncertain tax positions 5. Presentation and Disclosures 6. Summary-Nine
More informationTax reform What s next
Tax reform What s next Original Publication Date: April 10, 2018 CPE Credit is not available for viewing archived programs Please disable pop-up blocking software before viewing this webcast CPE Reminders
More informationTax Accounting Insights
No. 2018-03 16 January 2018 Tax Accounting Insights A closer look at accounting for the effects of the Tax Cuts and Jobs Act Revised 16 January 2018 ASC 740 requires the effects of changes in tax rates
More information8/26/2008. Chapter 16 Consolidation: intragroup transactions. Rationale for adjusting intragroup transactions. Transfers of inventory
Chapter 16 Consolidation: intragroup transactions Prepared by Emma Holmes Rationale for adjusting intragroup transactions Intragroup transactions - transactions that occur between entities in the group
More informationINCOME TAX. Draft flow chart and illustrative examples. prepared by the IASB s staff March 2009
Draft flow chart and illustrative examples prepared by the IASB s staff March 2009 The following flow chart and illustrative examples have been prepared by the IASB s staff to illustrate the proposals
More informationTax reform in the United States
Tax reform in the United States Q&As for preparers y 1, 2018 kpmg.com Contents Foreword...1 About this publication...2 1. Executive summary...5 2. Corporate rate...8 3. Tax on deemed mandatory repatriation...12
More informationASC 740 AND U.S. TAX REFORM
JANUARY 2018 www.bdo.com BDO KNOWS: ASC 740 AND U.S. TAX REFORM The enactment of the tax reform 1 on December 22, 2017, introduces the most significant legislative change to the tax system since the Reagan
More informationCharitable Gifts. Carolyn M. Osteen
Charitable Gifts Carolyn M. Osteen A. Income Tax Deduction For Charitable Gifts 1. The percentage limitations for income tax deductions for charitable contributions by individuals. a. Basic limit: 50 percent
More information2015 Financial Institutions Conference Tax Update for Financial Institutions
2015 Financial Institutions Conference Tax Update for Financial Institutions Sheryl Vander Baan Agenda Current IRS Audit Issues and Available Protections Overview of Basel III Limitations on Deferred Tax
More informationCharitable Gift Rules
Charitable Gift Rules Carolyn M. Osteen Carolyn M. Osteen is a consultant and former partner with Ropes & Gray in Boston. Ms. Osteen is a Fellow of The American College of Trust and Estate Counsel, and
More informationIND-AS 12 INCOME TAXERS. Zubin F. Billimoria
IND-AS 12 INCOME TAXERS ICAI WIRC 16 TH OCTOBER 2015 Zubin F. Billimoria CONTENTS Objective and Scope Definitions Measurement Recognition(including in special situations) Presentation Disclosure OBJECTIVE
More informationAccounting Standard - 22
Technical Pronouncements Exhaustive Accounting Standard - 22 Accounting for Taxes on Income CA (Dr.) A. L. Saini Accounting Standard AS 22 Limited Revisions to Accounting Standards Central Council Decisions
More informationPresented at: (WIRC-BKC Branch) Presented by: CA. Manoj Pati. ACA, DISA Sr. Director B. K. Khare & Co.
Presented at: (WIRC-BKC Branch) Presented by: CA. Manoj Pati ACA, DISA Sr. Director B. K. Khare & Co. AGENDA Key difference between AS 22 & Ind AS 12 Background and basics More interesting aspects Allocating
More informationSTATE AND LOCAL INCOME TAX PROVISIONS TECHNICAL SUPPLEMENT
STATE AND LOCAL INCOME TAX PROVISIONS TECHNICAL SUPPLEMENT Teresa M. Dieguez, CPA Vice President of Corporate Tax Wynn Resorts Limited Las Vegas, NV teresa.dieguez@wynnresorts.com Smitha Hahn, CPA Senior
More informationStudent Learning Outcomes
Chapter 18 Shareholders Equity Part 1: In General Intermediate Accounting II Dr. Chula King Student Learning Outcomes Describe the components of shareholders equity and explain how they are reported in
More informationVIACOM 18 US INC. FINANCIAL STATEMENTS MARCH 31, 2015 WITH INDEPENDENT ACCOUNTANTS REVIEW REPORT
FINANCIAL STATEMENTS MARCH 31, 2015 WITH INDEPENDENT ACCOUNTANTS REVIEW REPORT . VIACOM 18 US INC. FINANCIAL STATEMENTS MARCH 31, 2015 WITH INDEPENDENT ACCOUNTANTS REVIEW REPORT Table of Contents Independent
More informationTax Accounting Hot Topics
Tax Accounting Hot Topics Kathleen McEligot, Deloitte Tax LLP Robin Miller, PwC June 20, 2014 Agenda State Taxes Identifying and measuring deferred taxes Hot topics Valuation Allowances Reminders and traps
More informationFACTS TO FOOTNOTES U.S. TAX CUT AND JOBS ACT UNCERTAIN TAX BENEFITS STATES CHANGE IS COMING FAST IMPLEMENTATIONS
FACTS TO FOOTNOTES Tax Prodigy Provision is the simplest solution to the complex technical issues inherent in your ASC 740 process. Our unique approach moves you efficiently from Facts to Footnotes. U.S.
More informationTaxation Of Corporations C-Corporation And S-Corporation
Taxation Of Corporations C-Corporation And S-Corporation By Haik Chilingaryan, JD There are generally two ways corporations may be taxed under the federal rules. By default, a corporation is taxed under
More informationAccounting for income taxes
Accounting for income taxes September 2016 Accounting for income taxes Quarterly hot topics In this issue: Accounting developments Tax law developments Learn more 01 Accounting developments FASB proposes
More informationFinancial Statement Impacts of U.S. Tax Reform
Financial Statement Impacts of U.S. Tax Reform January 2018 1 Instructors Bob Fitzula Partner, DHG Tax 704.367.5922 bob.fitzula@dhgllp.com David Henderson Partner, DHG Tax 704.367.5502 david.henderson@dhgllp.com
More informationTax Reform Impact on GAAP Accounting Entries
January 2018 Tax Reform Impact on GAAP Accounting Entries On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the Act) was signed into law. Among other things, the Act reduced the corporate federal
More informationXTEND, INC. FINANCIAL STATEMENTS September 30, 2017 and 2016
FINANCIAL STATEMENTS Grand Rapids, Michigan FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR'S REPORT... 1 FINANCIAL STATEMENTS BALANCE SHEETS... 3 STATEMENTS OF INCOME... 4 STATEMENTS OF STOCKHOLDERS'
More informationSpreadsheet versus T-Account
Chapter 21 The Statement of Cash Flows Part 2 The Mechanics of the T-Account Approach Intermediate Accounting II Dr. Chula King Spreadsheet versus T-Account Spreadsheet Approach Columns Balance Sheet:
More informationTime Value of Money, Part 5 Present Value aueof An Annuity. Learning Outcomes. Present Value
Time Value of Money, Part 5 Present Value aueof An Annuity Intermediate Accounting I Dr. Chula King 1 Learning Outcomes The concept of present value Present value of an annuity Ordinary annuity versus
More informationCase AxCess Unlimited
Case 03-7 AxCess Unlimited AxCess Unlimited (AxCess) is a public company that develops customized encoded cardreading applications for security and access control devices. For the year ended December 31,
More informationAccounting for Income Taxes Quarterly Hot Topics
In this issue: Accounting Developments Federal International Multistate Controversy Did You Know? Additional resources: Financial Accounting & Reporting - Income Taxes Dbriefs Webcasts Heads Up Newsletter
More informationThe Top 6 New Tax Bill Provisions Impacting the Real Estate Industry
The Top 6 New Tax Bill Provisions Impacting the Real Estate Industry The 2018 Tax Bill contains many major changes to the tax landscape for both businesses and individuals. Below are some key highlights
More informationNinth Annual Domestic Tax Conference. 8 May 2014 Chicago
Ninth Annual Domestic Tax Conference 8 May 2014 Chicago Accounting for income taxes: hot topics and developments IRS Circular 230 disclosure Any US tax advice contained herein was not intended or written
More informationIn millions of dollars
11. INCOME TAXES In millions of dollars 2009 2008 2007 Current Federal $(1,711) $ (4,582) $(2,260) Foreign 3,101 4,762 3,566 State (414) 29 75 Total current income taxes $ 976 $ 209 $ 1,381 Deferred Federal
More informationTechnical Line. A closer look at accounting for the effects of the Tax Cuts and Jobs Act
No. 2018-03 Updated 16 March 2018 Technical Line A closer look at accounting for the effects of the Tax Cuts and Jobs Act Revised 16 March 2018 Given the complexities involved, companies should not underestimate
More informationModule Preparation Seminar (Part I) for Module A on Financial Reporting. Speaker Mr. Walter Lau
Module Preparation Seminar (Part I) for Module A on Financial Reporting Speaker Mr. Walter Lau 11 October 2012 EXECUTIVE TRAINING COMPANY (INTERNATIONAL) LTD About the Lecturer Mr Walter Lau ETC Lecturer
More informationThe format of the standards tends to be similar within each of the three numbering sequences, but different between the sequences.
Notes on reading accounting standards Knowing where to find information in accounting standards can be very valuable for students and practitioners of accounting. For students, being able to navigate the
More informationTax Sharing Agreements
Tax Sharing Agreements Are you using your NOLs yet? AGA Tax Committee Meeting June 2016 Presented by: Chuck Lenns Vice President, Tax Consolidated Edison Company of NY Agenda Federal Income Tax Consolidated
More informationTax reform for tax-exempt organizations: Changes to unrelated business income Focusing on the Tax Cuts and Jobs Act (H.R. 1)
Tax reform for tax-exempt organizations: Changes to unrelated Focusing on the Tax Cuts and Jobs Act (H.R. 1) Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member
More information