FRA : Reading 29. Income Taxes

29. Income Taxes

a. describe the differences between accounting profit and taxable income and define key terms, including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, and income tax expense. (page 225) 

용어정리

- Taxable income : 과세소득

- Taxes payable : 미지급세금, B/S항목

- Income tax paid : 실제 납부가 이뤄지는 금액

- Accounting profit : EBT, 회계적이익

- Income tax expense : I/S 항목의 Tax

* income tax expense = taxes payable + dDTL - dDTA

- Tax base : 세금당국에서 세율을 적용시키는데 사용되는 Net amount of an assets and liabilities

 

b. explain how deferred tax liabilities and assets are created and the factors that determine how a company's deferred tax liabilities and assets should be treated for the purposes of financial analysis. (page 227)

Deffered Tax Liabilities

- income tax expense > taxes payable

- 그래서 보통 Accelerate Depereciation 사용하면 DTL 생김

 

Deffered Tax Assets

- taxes payable > income tax expense

 

분석관점

-미래에 DTL을 상환시킬 예정이라면 Liability가 맞지만, not expected to reverse라면 equity로 봐야함

 

* c. calculate the tax base of a company's assets and liabilities. (page 228) 

Tax base of Assets

- 자산에 대한 내용

Tax base = Carrying value - 아직 세금처리 안한 금액

- Depreciable equipment

- Research & development

- Accounts receivable

 

Tax base of Liabilities

- 부채에 대한 내용

- Customer advance

- Warranty liabilities

- Note payable

* DTA와 DTL의 생성은 Timing의 문제, Tax 관점과 Account 관점에서 같은 때 비용, 수익이 처리되면 DTA, DTL생성 안됨

 

* 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 a change in the income tax rate. (page 231)

- tax rate 의 변화는 다음 회계연도에 적용될 세율의 변화임

- DTA, DTL의 변화를 가져와서 income tax expense에 영향을 줌

- p231 Example 확인

 

e. evaluate the effect of tax rate changes on a company's financial statements and ratios. (page 234)

- Carrying value와 Tax base의 차이에 expected tax rate을 곱한 값이 DTL, DTA이다.

- * Asset의 경우 (Carrying value - Tax base) x expected tax rate 값이

0보다 크면 DTL, 0보다 작으면 DTA

- * Liabilities의 경우 (Tax base - Carrying value) x expected tax rate 값이

0보다 크면 DTL, 0보다 작으면 DTA

- Tax rate 증가 = DTA, DTL 증가

- Tax rate 감소 = DTA, DTL 감소

 

f. distinguish between temporary and permanent differences in pre-tax accounting income and taxable income. (page 237)

- 회계당국과 세금당국의 수익, 비용인식의 (시간적)차이를 의미

- permanent difference : DTA, DTL 생성 안함

- temporary difference : DTA, DTL 생성의 주체

effective tax rate = income tax expense / EBT

statutory tax rate = 과세당국에서 적용하는 tax rate

g. describe the valuation allowance for deferred tax assets when it is required and what effect it has on financial statements. (page 238)

valuation allowance : B/S 계정임

- DTA의 경우 미래에 실현될 가능성이 50% 미만이라면 그 가치를 감소시켜야함(B/S계정으로 잡음)

- 일단 감소시켰더라도 상황이 바뀌면 DTA다시 증가시키고 V.A 감소시킬 수 있음

 

h. explain recognition and measurement of current and deferred tax items. (page 239)

- revaluation으로 인해 Asset가치가 증가해서 DTL이 증가하고 AOCI도 증가한 경우 DTL이 감소한 경우 AOCI를 감소시킴

l. analyze disclosures relating to deferred tax items and the effective tax rate reconciliation and explain how information included in these disclosures affects a company's financial statements and financial ratios. (page 239) 

- tax loss carryforwards(이월결손금, DTA에 해당) : Taxable Income 이 (-)인 경우 미래에 세금을 환급해주는 개념

- reconcilitaion

- DTA, DTL, valuation allowance

 

J. identify the key provisions of and differences between income tax accounting under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP). (page 243)

 

IFRS와 US GAAP의 tax accounting 차이

	IFRS	US GAAP
revaluation	인정	인식 안함
subsidiary(자회사)에 대한 투자로부터 수익	Deffered tax 인식	인식 안함
Joint Venture 에 대한 투자 수익	Deffered tax 인식	인식 안함
associate firm(관계기업)에 대한 투자 수익	Deffered tax 인식	Deffered tax 인식
B/S에 대한 인식	noncurrent 항목	current or noncurrent 항목