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Wiley GAAP 2013: Interpretation and Application of Generally Accepted Accounting Principles by Joanne M. Flood

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CHAPTER 24

INCOME TAXES

Perspective and Issues

Definitions of Terms

Concepts, Rules, and Examples

Evolution of Accounting for Income Taxes

ASC 740 in Greater Detail

Temporary and Permanent Differences

Temporary differences

Temporary differences from share-based compensation arrangements

Temporary differences arising from convertible debt with a beneficial conversion feature

Permanent differences

Treatment of Net Operating Loss Carryforwards

Measurement of Deferred Income Tax Assets and Liabilities

Scheduling of the reversal years of temporary differences

Determining the appropriate income tax rate

Computing deferred income taxes

The Valuation Allowance for Deferred Income Tax Assets Expected to Be Unrealizable

Accounting for Uncertainty in Income Taxes

Background

Scope

Initial recognition and measurement

Interest

Penalties

Subsequent recognition, derecognition, and measurement

Classification

Applicability to business combinations

The Effect of Tax Law Changes on Previously Recorded Deferred Income Tax Assets and Liabilities

General rules

Enactment occurring during an interim period

Changes in a valuation allowance for an acquired entity’s deferred income tax asset

Leveraged leases

Reporting the Effect of Tax Status Changes

Reporting the Effect of Accounting Changes for Income Tax Purposes

Income Tax Effects of Dividends Paid on Shares Held by Employee Stock Ownership Plans

Business Combinations

Purchase-method accounting under ASC 805

Acquisition-method accounting under ASC 805 ...

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