Accounting for Temporary Differences in Taxable Income
- 4.1
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Brief Introduction
This course covers temporary differences in financial and taxable income for corporations.Description
Although a majority of income and deduction items encountered by a business enterprise are treated identically for financial reporting and tax purposes, there are numerous items that are treated differently. They are known as book-tax differences and are classified as either temporary or permanent.
This course covers temporary differences, including:
how to identify and account for temporary differences
income/expense book-tax difference relating to financial income that will be recognized in the future is known as a deductible temporary difference creating a deferred tax asset.
income/expense book-tax difference relating to taxable income that will be recognized in the future is known as a taxable temporary difference creating a deferred tax liability.
What to do when these items reverse in a future period.
the balance sheet presentation of deferred tax assets and deferred tax liabilities arising from these transactions
how to prepare the journal entry to record the income tax expense (also called the income tax provision) including the deferred tax benefit/liability due to book-tax differences.
Requirements
- Requirements
- No advanced preparation or prerequisites are required for this course. Note: a subsequent course covers permanent differences and should be taken after completing this course.
Illumeo Learning
4.1 Raiting
Corporate Tax Filing: Schedule M-3: Part III
- 0.0
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This course covers the Schedule M-3, Part III filing and reporting requirements. Completion of Part III requires the disclosure of detailed information regarding book-tax differences when reporting expense/deduction items....
Corporate Tax Filing: Schedule M-3: Part II
- 0.0
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This course covers the Schedule M-3, Part II filing and reporting requirements. Thus, it is important to “get the numbers right” when completing Part II of Schedule M-3....
Corporate Tax Filing: Schedule M-3: Reporting Requirements
- 0.0
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This course covers the Schedule M-3 filing and reporting requirements for a consolidated group. This course covers the Schedule M-3 filing and reporting requirements for a consolidated group, including:...
Accounting Analysis II: Measurement and Disclosure of Liabilities
- 4.7
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This course is the third course in the five-course Financial Reporting Specialization. This course begins with a discussion of current liabilities and contingencies and continues with long-term debt and bonds....
