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Ebook Financial accounting (4E): Part 2

(BQ) Part 2 book "Financial accounting" has contents: Inventories; financial assets, liabilities and equity; accounting and taxation, cash flow statements, group accounting, foreign currency translation, accounting for price changes, financial appraisal, international analysis. | M12_FINA1642_04_SE_C12.qxd 3/9/10 10:23 Page 235 www.downloadslide.com Chapter 12 Accounting and taxation Contents Objectives 12.1 Introduction 12.1.1 Rationale for this chapter 12.1.2 Separate taxation for companies 12.1.3 International differences in taxes 12.2 International differences in the determination of taxable income 12.2.1 Introduction 12.2.2 Depreciation 12.2.3 Capital gains 12.2.4 Dividends received 12.2.5 Interest 12.2.6 Other taxes 12.3 Tax rates and tax expense 12.4 Deferred tax Summary References and research Exercises 236 236 236 237 238 238 239 239 239 239 240 240 241 247 247 248 After studying this chapter carefully, you should be able to: n outline some of the main ways in which corporate taxation can differ internationally; n explain the distinction between accounting profit and taxable income; n discuss some major international differences in the tax base and give simple examples; n outline the rationale for the recognition of deferred tax assets and liabilities in financial statements; n calculate amounts of deferred tax for some basic examples. 235 M12_FINA1642_04_SE_C12.qxd 3/9/10 10:23 Page 236 www.downloadslide.com Chapter 12 · Accounting and taxation 12.1 Introduction 12.1.1 Rationale for this chapter There are several related purposes of studying taxation. First, corporate taxation clearly has some significant effects on net profit figures and on other financial reporting matters. In particular, it has been shown earlier (e.g. in Chapter 5) that in some continental European countries the rules relating to the taxation of corporate income have a dominant effect on financial accounting measurement and valuation rules in an individual company. For example, there is a strong influence of tax rules on depreciation charges on individual company financial statements in Germany; and if asset values are changed on a balance sheet, this generally affects tax liabilities for individual companies in France. By .