Class23 - DefTax3

Class23 - DefTax3 - Notes for Class 23 on 4/14, pages...

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Notes for Class 23 on 4/14, pages 984-999 Today’s topics: Presentation of deferred taxes A. Presentation of Deferred Taxes on the Balance Sheet 1. Individual Deferred Tax Assets and Liabilities are reported as current or noncurrent based on the classification of the related asset or liability (for example, the Deferred Tax Liability associated with depreciation expense is a long term liability because depreciable assets are noncurrent assets). 2. For the balance sheet calculate a net current amount (sum current deferred tax assets and liabilities reporting the net amount) and a net noncurrent amount (sum noncurrent deferred tax assets and liabilities reporting the net amount). See page 985 illustrations 19-39 and 19-40. B. Presentation of Income Tax Expense 1. See the numbered items at the top of page 986. 2. Note the items in the list at the top of page 986 and the inclusion of those items in the PepsiCo disclosure in Illustration 19-41 on page 987. 3.
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Class23 - DefTax3 - Notes for Class 23 on 4/14, pages...

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