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Lecture Intermediate accounting (14th edition): Chapter 19 - Kieso, Weygandt, Warfield

Chapter 19 - Accounting for income taxes. After completing this chapter you should be able to: Identify differences between pretax financial income and taxable income, describe a temporary difference that results in future taxable amounts, describe a temporary difference that results in future deductible amounts, explain the purpose of a deferred tax asset valuation allowance. | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting 14th Edition 19 Accounting for Income Taxes Kieso, Weygandt, and Warfield Identify differences between pretax financial income and taxable income. Describe a temporary difference that results in future taxable amounts. Describe a temporary difference that results in future deductible amounts. Explain the purpose of a deferred tax asset valuation allowance. Describe the presentation of income tax expense in the income statement. Describe various temporary and permanent differences. Explain the effect of various tax rates and tax rate changes on deferred income taxes. Apply accounting procedures for a loss carryback and a loss carryforward. Describe the presentation of deferred income taxes in financial statements. Indicate the basic principles of the asset-liability method. Learning Objectives Fundamentals of Accounting for Income Taxes Future taxable amounts and deferred taxes Future deductible amounts and deferred taxes Income statement presentation Specific differences Rate considerations Accounting for Net Operating Losses Financial Statement Presentation Review of Asset-Liability Method Loss carryback Loss carryforward Loss carryback example Loss carryforward example Balance sheet Income statement Uncertain tax positions Accounting for Income Taxes Corporations must file income tax returns following the guidelines developed by the Internal Revenue Service (IRS), thus they: LO 1 Identify differences between pretax financial income and taxable income. Fundamentals of Accounting for Income Taxes calculate taxes payable based upon IRS code, calculate income tax expense based upon GAAP. Amount reported as tax expense will often differ from the amount of taxes payable to the IRS. Tax Code Exchanges Investors and Creditors Financial Statements Pretax Financial Income GAAP Income Tax Expense Taxable Income Income Tax Payable Tax Return vs. IRS . | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting 14th Edition 19 Accounting for Income Taxes Kieso, Weygandt, and Warfield Identify differences between pretax financial income and taxable income. Describe a temporary difference that results in future taxable amounts. Describe a temporary difference that results in future deductible amounts. Explain the purpose of a deferred tax asset valuation allowance. Describe the presentation of income tax expense in the income statement. Describe various temporary and permanent differences. Explain the effect of various tax rates and tax rate changes on deferred income taxes. Apply accounting procedures for a loss carryback and a loss carryforward. Describe the presentation of deferred income taxes in financial statements. Indicate the basic principles of the asset-liability method. Learning Objectives Fundamentals of Accounting for Income Taxes Future taxable amounts and deferred .