FAR 10.4

  1. The sum of the current tax expense or benefit and deferred tax expense or benefit.
    Income tax expense or benefit.
  2. Income tax expense or benefit.
    This is the sum of the current tax expense or benefit and deferred tax expense or benefit.
  3. Equal to taxable income times the applicable tax rate.
    Current tax liability.
  4. Current tax liability.
    This is equal to taxable income times the applicable tax rate.
  5. The result from the settlement of a liability related to an expense or loss that is deductible for tax purposes subsequent to being recognized in financial income.
    Future deductible amount.
  6. Future deductible amount.
    This results when an expense or loss is deductible for tax purposes subsequent to being recognized in financial income. It also results when a revenue or gain is included in taxable income before it is recognized in financial income.
  7. Records the deferred tax consequences attributable to taxable temporary differences.
    Deferred tax liability.
  8. Deferred tax liability.
    This records the deferred tax consequences attributable to taxable temporary differences. It is measured using the applicable enacted tax rate and provisions of the enacted tax law.
  9. Differences between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years.
    Temporary differences.
  10. Temporary differences.
    These include differences between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset is recovered or a liability is settled.
  11. Records the deferred tax consequences attributable to deductible temporary differences and carry forwards.
    Deferred tax asset.
  12. Deferred tax asset.
    This records the deferred tax consequences attributable to deductible temporary differences and carryforwards. It is measured using the applicable enacted tax rate and provisions of the enacted tax law.
  13. The result from the recovery of an asset related to a revenue or gain that is taxable subsequent to being recognized in financial income.
    Future taxable amount.
  14. Future taxable amount.
    This results when a revenue or gain is taxable subsequent to being recognized in financial income. It also results when an expense or loss is deductible for tax purposes before recognition in financial income.
  15. The net change during the year in an entity's deferred tax liabilities and assets.
    Deferred tax expense or benefit.
  16. Deferred tax expense or benefit.
    This is the net change during the year in an entity’s deferred tax liabilities and assets.
  17. The amount of taxes paid or payable (or refundable) for the year as determined by applying the enacted tax law to the taxable income or excess of deductions over revenues for that year.
    Current tax expense or benefit.
  18. Current tax expense or benefit.
    This is the amount of taxes paid or payable (or refundable) for the year as determined by applying the enacted tax law to the taxable income or excess of deductions over revenues for that year.
Author
Joens1313
ID
353080
Card Set
FAR 10.4
Description
FAR 10.4
Updated