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In this chapter we explore the financial accounting and reporting standards for the effects of income taxes. The discussion defines and illustrates temporary differences, which are the basis for recognizing deferred tax assets and deferred tax liabilities, as well as non-temporary differences, which have no deferred tax consequences.
Chapter 16 ACCOUNTING FOR INCOME TAXES © 2013 The McGraw-Hill Companies, Inc Slide Deferred Tax Assets and Deferred Tax Liabilities Tax Taxlaws lawsform formthe the set setthe therules rulesfor for preparing preparingtax tax returns returns IFRS IFRSprovides providesthe the basis basisfor forpreparing preparing financial financial statements statements Results in Usually Financial Financial statement statement income incometax taxexpense expense Income Incometaxes taxes payable payable The Theobjective objectiveof ofaccounting accountingfor forincome incometaxes taxesis isto to recognize recognizeaa deferred deferredtax taxliability liability or or deferred deferred tax taxasset asset for for the thetax taxconsequences consequencesof of amounts amounts that thatwill willbecome become taxable taxableor or deductible deductiblein in future futureyears yearsas as aaresult result of of transactions transactionsor orevents eventsthat that already alreadyhave haveoccurred occurred Slide Temporary Differences Often, Often, the the difference difference between between pre-tax pre-tax accounting accounting income income and and taxable taxable income income results results from from items items entering entering the the income income tax tax computations computations at at different different times times These are called temporary differences © 2013 The McGraw-Hill Companies, Inc Slide Temporary Differences Temporary Temporary differences differences will will reverse reverse out out in in one one or or more more future future periods periods Accounting Income>Taxable Income Accounting Income