Introduction_to_Tax_Accounting.pptx

Must be accounted for in the national calculation

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Must be accounted for in the National calculation Example: US state income taxes are deductible for US Federal Tax Purposes Regional taxes nondeductible for National Tax Calculation Must be accounted for in the National calculation Example: Canadian provincial income taxes are not deductible for Canadian Federal Tax Purposes
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Copyright © 2017 Oracle and/or its affiliates. All rights reserved. | Computation Components - 3 of 3 Other Items Can impact either the current or deferred provision or both. Differences between the filed tax return and the prior year current income tax provision (i.e. Return versus accrual adjustments, “RTA”) Income Statement adjustments that impact Total Tax Expense (i.e. ETR) Examples are write-offs of Tax Credits or NOL’s that have expired prior to utilization Differences between the book and tax basis in the investment in foreign subsidiaries where earnings are not permanently reinvested (“APB 23)
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Copyright © 2017 Oracle and/or its affiliates. All rights reserved. | Computation Components Other Items impacting cumulative deferred balances Deferred Inventory Items No impact on current provision Purchase accounting adjustments Equity Items Other Comprehensive Income (“OCI”) Stock Compensation – Options (“SFAS 123R”)
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Copyright © 2017 Oracle and/or its affiliates. All rights reserved. | Summary History and Overview Objectives Computation Components Relevant Authority ASC 740 IAS 12
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  • Winter '13
  • 121
  • Taxation in the United States, state taxes, pre tax income

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