Accounting For Income Taxes Slides

Accounting for income taxes
Typical coverage of US GAAP
General
Financial statement presentation
Temporary differences:
Disclosure
General
Deferred tax liabilities
Deferred tax assets
Tax rate considerations
Permanent differences
Net operating losses
Uncertain tax positions
Undistributed profits of foreign subsidiaries

Academic Resource Center
Page 2
Executive summary
Despite the similar approaches to accounting for taxation under IFRS and US GAAP, deferred
taxation is one of the most common areas where differences arise. The reason is that a high
proportion of transactions recognized in either the statement of income or balance sheet will
have consequential effects on deferred taxes.
US GAAP requires a two-step approach for deferred tax assets that involves first recognizing
the full asset and then reducing the asset to the extent that it is more likely than not that the
deferred tax assets will not be realized. The valuation allowance account is used for this.
IFRS requires a one-step approach that provides for recognition of the deferred tax assets
only to the extent it is probable that they will be realized. Although there is no valuation
allowance account used under IFRS, there should not be any differences in the net asset
under US GAAP versus IFRS.
US GAAP contains extensive guidance on accounting for uncertain tax positions in

ASC 740-10. IFRS does not currently include specific guidance on this issue.

Page 3
Executive summary
Both IFRS and US GAAP require a numerical reconciliation to explain the relationship
between tax expense (income) and pretax accounting profit in the footnote disclosures.
However, there are differences regarding the particular tax rate or rates to be used for
preparing that reconciliation. US GAAP requires that the domestic federal statutory rate be
used as the starting point whereas IFRS allows this approach and also allows a statutory rate
that aggregates domestic rates in various jurisdictions to be used.
IFRS classifies deferred tax assets and liabilities as noncurrent in a classified balance sheet
while US GAAP classifies these items based on the classification of the related asset or
liability, or for tax losses and credit carryforwards, based on the expected timing of realization.
IFRS offsets deferred tax assets and liabilities when specific conditions are met which includes
when an entity has a legally enforceable right to offset and when the taxes are levied by the
same taxing authority for the same taxable entity. US GAAP offsets these balances and
reports them net by current and noncurrent classification.

Page 4
Primary pronouncements
US GAAP
ASC740, Income Taxes
IFRS
IAS 12, Income Taxes
IAS 37, Provisions, Contingent Liabilities and

Contingent Assets

Page 5
Progress on convergence
The IASB released an Exposure Draft (ED) of an IFRS to replace IAS 12 in March 2009. This
was initially begun as a convergence project. However, the Board has now decided to
perform a fundamental review of accounting for income taxes in the future. The Board has
changed the project objective to resolve problems in practice under IAS 12.
One of the primary areas that they will address is uncertain tax positions. However, they will
not do this until the revision of IAS 37, Provisions, Contingent Liabilities
and Contingent Assets is finalized. An ED for a revised IAS 37 was
released in January 2010 and the comment period ended in May 2010.
Discussion on this project will not be resumed until after June 2011.
In December 2010, the IASB issued Deferred Tax: Recovery of
Underlying Assets (amendments to IAS 12) concerning the determination
of deferred tax on investment property measured at fair value. The
amendments are to provide practical solutions for jurisdictions where
entities currently find it difficult and subjective to determine the expected
manner of recovery for investment property that is measured using the
fair value model in IAS 40, Investment Property.
Page 6
General
US GAAP
IFRS
Takes an asset-liability approach to accounting

for income taxes and thus records deferred tax
assets and liabilities.
Similar
Despite the similar approaches to accounting for taxation under US GAAP and IFRS,
accounting for income taxes is one of the most common areas where differences arise between
US GAAP and IFRS. The reason is that a high proportion of business transactions that do not
have anything directly to do with income taxes will nonetheless have consequential effects on
the accounting for income taxes.
Page 7
Temporary differences
General
US GAAP
IFRS
A deferred tax liability or asset generally should be

recognized for the future tax effects of all temporary
differences and carryforwards.
Deferred taxes are calculated using the asset or
liability approach, which is intended to recognize, in
the balance sheet, the future tax consequences of
events that have been either recognized in the
financial statements or the tax return.
Similar
Similar
A temporary difference is the difference between the

book and tax basis of an asset or liability multiplied
by the appropriate tax rate.
Page 8
General
US GAAP
IFRS
Deferred taxes are measured on an

undiscounted basis.
Similar

Page 9
Deferred tax liabilities
US GAAP
IFRS
A deferred tax liability is recorded if the book

basis of the underlying asset (liability) is greater
(less) than the tax basis of the underlying asset
(liability).
Precludes recognition of a deferred tax liability
for the excess of the book basis over the tax
basis of goodwill if it arises at the initial
recognition of goodwill.
Similar
Similar
Allows the recognition of a deferred tax liability

subsequently if the goodwill is tax deductible.
Page 10
Deferred tax assets
US GAAP
IFRS
A deferred tax asset is recorded if the book

basis of the underlying asset (liability) is less
(greater) than the tax basis of the underlying
asset (liability).

Similar
Page 11
Deferred tax assets
US GAAP
IFRS
Requires a two-step approach for deferred tax

assets.
First, deferred taxes should be recognized in full

for all temporary differences between the book
and tax basis of assets and liabilities.
Requires a one-step approach that provides for

recognition of the deferred tax assets only to
the extent it is probable that they will be
realized.
A difference should not result in determining the

amount of net deferred tax assets to recognize
since similar judgment should be applied under
both standards in the determination of whether
net deferred tax assets should be recognized and
their amount.
Probable is not defined in the IFRS income tax

standard. Note that it is defined in IAS 37 as a
likelihood greater than 50%.
Second, any net amount of a deferred tax asset

is assessed to determine whether it should be
reduced by a valuation allowance to the extent it
is "more likely than not" * that the deferred tax
asset will not be realized.
* More likely than not is defined as a likelihood of
more
than 50%.

Page 12
Valuation allowance example

Example 1
During the fiscal year ended December 31, 2010, KMR Corporation (KMR) experienced a net operating
loss of $450,000. Since KMR has experienced losses in the last several years, it cannot utilize a net
operating loss carryback. However, since KMR has entered into some new profitable contracts, the
management of KMR expects that it is more than 50% likely that they will only be able to utilize one-third
of the net operating loss to offset against future taxable income. The tax rate for KMR is 40%.
Show the journal entries for US GAAP and IFRS.

Page 13
Valuation allowance example

Example 1 solution:
US GAAP:
Deferred tax asset
Income tax benefit
$180,000
Income tax benefit

Valuation allowance
$120,000
$180,000
$120,000
IFRS:
Deferred tax asset
Income tax benefit
$60,000
$60,000
Page 14
US GAAP
IFRS
Deferred tax liabilities and assets are measured

using the applicable tax rate.

Similar
Page 15
US GAAP
IFRS
The enacted tax rate and tax law are

applicable when measuring current and
deferred taxes.
The enacted or "substantively enacted"

tax rates and tax laws are used. For
current taxes, the appropriate rate is
determined considering when the amount
is to be recovered or paid. For deferred
taxes, the rate is determined considering
when the asset or liability is expected to
be realized or settled.

The interpretation of substantively enacted will vary from

country to country. To help make this assessment, the
IASB has published guidelines that address the point in
time when a tax law change is substantively enacted in
many of the jurisdictions that apply IFRS.
Page 16
Enacted versus substantively enacted tax rates example

Example 2
KR Bookstores (KRB) operates in three countries in addition to the United States. The following table reports
KRBs taxable income and book income in these countries for the year ended December 31, 2010 (tax rates are
also included in the table). All differences between book and taxable income are temporary differences that arise
from assets and liabilities that are classified as current. Note that the substantively enacted tax rate is not a
retroactive provision that will apply to the current year tax liability.
Prepare the journal entry under both US GAAP and IFRS to record KRBs
income tax expense and liabilities.
Page 17

Example 2 US GAAP solution:
Income tax expense

$927,500
Current tax liability
$917,500
Deferred tax liability current***
10,000
*The current tax liability is the taxable income multiplied by the enacted tax rates.
**The deferred tax asset or liability is the temporary difference multiplied by the enacted tax rate.
***The deferred tax liability is presented net and is classified as current as the assets and liabilities for which the temporary differences arise
are classified as current.
Page 18

Example 2 IFRS solution:
Income tax expense

$932,500
Deferred tax asset non-current***
40,000
Current tax liability
$917,500
Deferred tax liability non-current***
55,000
*The current tax liability is the taxable income multiplied by the enacted tax rates.
*The deferred tax asset or liability is the temporary difference multiplied by the substantively enacted tax rate.
***The total of the deferred tax assets ($17,500 + $22,500 = $40,000) and the total of the deferred tax liabilities ($10,000 + $45,000 =
$55,000) are presented (no right of offset and differing tax jurisdictions) and classified as a non-current .
Page 19
US GAAP
IFRS
If an item is included in the computation of

taxable income but it is never included in book
income, or if it is included in the computation of
book income but never in taxable income, then
it gives rise to a permanent difference.

Similar
Page 20
Net operating losses
US GAAP
IFRS
An asset (tax receivable or deferred tax asset)

and a tax benefit are recognized in the period
that a company experiences a net operating
loss that it will carry back or carry forward.
In the case of a deferred tax asset recognized
in conjunction with a net operating loss
carryback, the asset needs to be measured
and, thus, might be reduced to zero if no future
benefit is expected.

Similar
Page 21
US GAAP
IFRS
Tax contingencies are reported as a liability on the balance

sheet.
Both US GAAP and IFRS report tax contingencies as a
liability on the balance sheet. A contingent liability is created
for an unrecognized tax benefit because it represents an
enterprises potential future obligation to the taxing authority
for a tax position that was taken. An entity that presents a
classified statement of financial position classifies a liability
associated with an unrecognized tax benefit as a current
liability, to the extent the enterprise anticipates payment (or
receipt) of cash within one year or the operating cycle, if
longer. The liability for unrecognized tax benefits should not
be combined with deferred tax liabilities or assets.
Similar
Similar
Page 22
US GAAP
IFRS
ASC 740-10 provides extensive guidance on

accounting for uncertain tax positions.
A two-step approach to uncertain tax positions first

is the decision whether to recognize and second is
the determination of the measurement.
A benefit is recognized when it is more likely than

not to be sustained based on the technical merits of
the position. The amount of the benefit to be
recognized is based on the largest amount of tax
benefit that is greater than 50% likely of being
realized upon ultimate settlement. Detection risk is
precluded from being considered in the analysis by
the assumption that the regulators have knowledge
of all relevant facts and information.
Does not address uncertain tax positions.
Under IAS 12, tax assets and liabilities should be

measured at the amount expected to be paid. In
practice, this frequently results in the recognition
principles in IAS 37, Provisions, Contingent
Liabilities and Contingent Assets, being applied.
IAS 12 clarifies that, while IAS 37 generally

excludes income taxes from its scope, its
principles may be relevant to tax-related
contingent assets and contingent liabilities. This
is not intended to imply that such items fall within
the scope of IAS 37 because, ultimately, such
assets and liabilities are a measurement of
current tax.

Page 23
US GAAP
IFRS
Does not address uncertain tax positions (continued):
IAS 37 requires that a provision should be recognized when:
An entity has a present obligation as a result of a past event.
It is probable that an outflow of resources will be required to

settle the obligation; and a reliable estimate can be made of
the amount of the obligation.
If these conditions are not met, no provision should be

recognized. For a position already taken on a return, the question
then is whether the entity will be required to pay additional taxes
in the future.

Page 24
US GAAP
IFRS
Does not address uncertain tax positions (continued):
Practice varies regarding consideration of detection risk.
IFRS guidance for recognition and measurement is resulting in

mixed practice, much like the situation under US GAAP prior to
FIN 48, now found in ASC 740. Some entities may apply
principles in IAS 37 and some may not.

Page 25
Uncertain tax positions example

Example 3
Nicholas Basketballs Unlimited (NBU) is a company with a dual listing in
Hong Kong and the United States, and thus is required to prepare its
financial reports under IFRS and US GAAP, respectively. NBU is applying
the standards related to uncertain tax positions found in ASC 740-10 for the
second year (i.e., there are no transitional issues to consider) and is
determining which amounts should be recognized for income tax purposes
under both US GAAP and IFRS. NBU has taken an uncertain tax position
on its return. Facts for this transaction are as follows:
The tax position that NBU has taken results in a benefit of $100.
There is limited information about how a taxing authority will view the
position.
After considering the relevant information, management is confident
that the technical merits of the tax position exceed the more-likelythan-not threshold.
Management also believes, if examined, it is likely it would settle for
less than the full amount of the entire position.
Page 26

Example 3 (continued):
Management believes that the amounts and the probabilities of the possible estimated outcomes are as follows:
Cumulative
probability of
occurring (%)
Possible estimated outcome

(i.e., the amount that will be allowed as a deduction)
Individual probability
of occurring (%)
$100
25%
25%
$ 80
35%
60%
$ 60
25%
85%
$ 50
10%
95%
$ 40
5%
100%
What tax benefit and what tax liability would NBU recognize in its financial statements related to this
transaction under US GAAP and IFRS? Explain your answers.
Page 27

Example 3 solution:
US GAAP:
NBU would measure the associated tax benefit at the largest amount of benefit that is greater than
50% likely to be realized upon ultimate settlement. The entity would recognize a tax benefit of $80
because this is the largest benefit with a cumulative probability of greater than 50%. Thus, the other
$20 would remain a liability.

Page 28

Example 3 solution (continued):
Current IFRS:
Under the current IAS 12, there is no explicit guidance on the method to use in determining the amount
to be recognized. IAS 12, paragraph 46 requires NBU to recognize the amount expected to be paid.
Given that the expectation of management is that the position will be supported but that it will settle for
less than the full amount, it is likely that NBU would recognize some amount of benefit less than $100
and some amount of liability less than $100. But it is unclear what actual amounts would be recognized.
Additional considerations:
One of the key differences between US GAAP and IFRS is detection risk by the tax authority. ASC 74010-25-7 requires a company to assume that the tax position will be discovered by the taxing authorities
that have access to all the relevant facts and information. This requirement exists even if a company
believes examination by the taxing authorities is remote. Detection risk is not specifically addressed in
IFRS. It is a matter of management judgment and its expectation of detection of the tax position by the
taxing authorities.

Page 29
Undistributed profits in foreign subsidiaries
US GAAP
IFRS
Undistributed earnings of foreign subsidiaries give

rise to a temporary difference. However, an
exception is made to this general rule if the earnings
are reinvested in the subsidiary.
ASC 740-30-25-17 states:
The presumption that all undistributed earnings will be
transferred to the parent company may be overcome,
and no income taxes should be accrued by the parent
company, if sufficient evidence shows that the
subsidiary has invested or will invest the undistributed
earnings indefinitely or that the earnings will be remitted
in a tax-free liquidation.

Similar IAS 12, paragraph 39

states:
An entity shall recognize a deferred tax
liability for all taxable temporary differences
associated with investments in subsidiaries,
branches and associates, and interests in
joint ventures, except to the extent that
both of the following conditions are
satisfied: (a) the parent, investor or
venturer is able to control the timing of the
reversal of the temporary difference; and
(b) it is probable that the temporary
difference will not reverse in the
foreseeable future.
Page 30
While the general exception to the rule is the same for US GAAP and IFRS, the interpretation of
the two standards typically differ in practice:
IFRS
US GAAP
Undistributed earnings must be reinvested

in the foreign subsidiary indefinitely.
Undistributed earnings must be reinvested

for the foreseeable future.
Indefinite is typically interpreted as

permanent.
Foreseeable future is typically

interpreted as a much shorter time period
such as one year.

Page 31

Example 4
FORSUB, Inc. is a fully-owned foreign subsidiary of USPAR Company. FORSUB operates in a jurisdiction
with a tax rate of 20%. USPAR operates in a jurisdiction with a tax rate of 35%. FORSUB has earnings this
year of $100 million and does not distribute this to USPAR. USPAR is able to control the timing of the future
distribution and it is probable that FORSUB will not make a distribution to USPAR in the next 5 years.
USPAR and FORSUB do not have evidence that would
indicate that the earnings will not be returned to USPAR
after 5 years. They would like to report as little tax
expense as possible.
Provide the journal entries under both US GAAP and
IFRS.

Page 32

Example 4 solution:
US GAAP:
USPAR cannot take advantage of the exception to the general requirement that foreign undistributed
earnings create a temporary difference. Thus, the tax-related journal entry would be:
Tax expense
$35,000,000
Tax payable
$20,000,000
Deferred tax liability
15,000,000
IFRS:
USPAR can take advantage of the exception since they are reinvesting the earnings for the
foreseeable future. Thus, the tax-related journal entry would be:
Tax expense
$20,000,000
Tax payable
$20,000,000
Page 33
US GAAP
IFRS
The total income tax expense reported on the

statement of income is the sum of the current tax
expense and the deferred tax expense. Both the
current and deferred tax expenses do not include any
tax expense that is recognized directly in equity.
Similar
Certain items may be accounted for directly in equity

instead of going through the statement of income
(e.g., excess tax benefits arising from stock
compensation arrangements, available-for-sale
investments and certain transactions with
shareholders). The tax effects of those items also are
recognized directly in equity in the period they arise.
Similar

Page 34
US GAAP
IFRS
The effect of tax rate changes and

changes in the assessment of
recoverability of deferred tax assets on
items that were previously recognized in
equity is recognized through net income.
This effect is recognized directly through

equity (this is referred to as backward
tracing).

Page 35
Backward tracing example

Example 5
Bad Investments Incorporated (BII) holds equity investments at a cost basis
of $250,000. It accounts for these investments as available-for-sale
securities. At the end of 2010, the market value of these investments has
declined to $220,000. Consequently, BII reports an unrealized loss for
financial reporting purposes of $30,000 through OCI which creates a
temporary tax difference.
As of December 31, 2010, BII determines that it is more likely than not that it
will be able to deduct these capital losses for tax purposes if they are
realized. As of December 31, 2011, BII changes its assessment as to
whether it can utilize this deduction and determines that it is more likely than
not that it will not be able to take the deduction for the capital loss. BIIs tax
rate is 40%.
Show the necessary journal entries for 2010 and 2011 under both US
GAAP and IFRS.
Page 36

Example 5 solution:
US GAAP:
The entry for 2010 is as follows:
Unrealized loss OCI
Allowance to reduce AFS securities to market
$30,000
Deferred tax asset

Income tax expense OCI
$12,000
$30,000
$12,000

Income tax expense
Valuation allowance
$12,000
$12,000
Page 37

IFRS:
Unrealized loss OCI
$30,000
Allowance to reduce AFS securities to market
$30,000
Deferred tax asset

$12,000
$12,000

Deferred tax asset
$12,000
$12,000
Page 38
Classification and netting of deferred tax assets and liabilities
US GAAP
IFRS
In a classified balance sheet, deferred tax

assets and liabilities are generally
classified based on the classification of the
related asset or liability, or for tax losses
and credit carryforwards, based on the
expected timing of realization.
In a classified balance sheet, deferred tax

assets and liabilities are only classified as
non-current.
The net deferred current tax amount is

reported on the face of the balance sheet
and the net deferred non-current tax
amount is reported on the face of the
balance sheet.
Deferred tax assets and liabilities are offset

when specific conditions are met which
includes when an entity has a legally
enforceable right to offset and when the
taxes are levied by the same taxing
authority for the same taxable entity.

Page 39

Page 40
Classification and netting of deferred tax assets and

liabilities example
Example 6
Fun Flowers Consolidated (FFC), has the following deferred tax assets and liabilities:
FFC has the legal right of offset for the deferred tax assets and liabilities applicable
to the US taxing jurisdiction.
Provide the financial presentation for the deferred tax assets and liabilities for FFI
under US GAAP and IFRS.
Page 41

liabilities example
Example 6 US GAAP solution:
Under US GAAP, deferred tax assets and liabilities are generally classified based on the classification of
the related asset or liability, or for tax losses and credit carryforwards, based on the expected timing of
realization. Additionally, the balances determined as current are offset and the balances determined as
non-current are offset. Therefore, for FFC, a $5,000 current deferred tax asset is reported and a $32,000
non-current deferred tax asset is also reported.
Page 42

liabilities example
Example 6 IFRS solution:
Under IFRS, deferred tax assets and liabilities are only classified as noncurrent and are offset when
specific conditions are met which includes when an entity has a legally enforceable right to offset and
when the taxes are levied by the same taxing authority for the same taxable entity. Therefore, for FFC, a
$62,000 non-current deferred tax asset is reported and a $25,000 non-current deferred tax liability.

Page 43
Disclosures
US GAAP
IFRS
Requires disclosure of:
The components of the deferred tax liabilities and

deferred tax assets.
The components of tax expense.
The amounts and expiration dates of operating

loss and tax credit carryforwards for which tax
benefits have not been recognized.
The amounts of temporary differences that arent
recorded due to the permanent reinvestment of
undistributed foreign earnings.

Similar
Page 44
Disclosures
Both US GAAP and IFRS require a numerical reconciliation to explain the relationship between tax
expense (income) and pretax accounting profit. However, there are differences regarding the particular tax
rate or rates to be used for preparing that reconciliation.
US GAAP
ASC 740-10-50-12 requires use of

"domestic federal statutory tax rates"
based on the premise that those
rates provide the most meaningful
information for domestic users of an
enterprise's financial statements. An
aggregation of separate
reconciliations using foreign tax rates
is not permitted.
IFRS
IAS 12, paragraph 85, states that: Often, the most

meaningful rate is the domestic rate of tax in the country in
which the enterprise is domiciled, aggregating the tax rate
applied for national taxes with the rates applied for any
local taxes which are computed on a substantially similar
level of taxable profit (tax loss). However, for an enterprise
operating in several jurisdictions, it may be more
meaningful to aggregate separate reconciliations prepared
using the domestic rate in each individual jurisdiction."

Page 45
Rate reconciliation example

Example 6
KR Bookstores (KRB) operates in two countries in addition to the United States. The following table reports KRBs
taxable income and the applicable tax rate in these countries for the year ended December 31, 2010. KRB does not
have any temporary book-to-tax differences. It has two permanent differences:
1. Non-taxable municipal bond interest of $20,000 in the United
States.
2. Non-deductible expenses of $5,000 in the United States.

See the chart on the following slide for more information.
Prepare the portion of the income tax footnote that details the rate
reconciliation under both US GAAP and IFRS. Assume that KRB uses
an aggregated statutory rate for IFRS purposes. Also assume that
KRB declares the earnings from the foreign countries to be
permanently reinvested. Thus, they will record tax expense related to
foreign income at the lower tax rates of 20% and 25%.
Page 46

Example 6 (continued):
Country
United States
Taxable income
Applicable tax rate
$ 1,450,000
35%
Country two
500,000
20%
Country three
600,000
25%
Total
Book income
2,550,000
15,000
$2,565,000

Page 47

Example 6 solution:
US GAAP:
US federal tax, based on statutory rate
Municipal bond interest
Non-deductible expenses
Foreign tax rate differential
Total income tax expense
$897,750 (1)
(7,000) (2)
1,750 (3)
(135,000) (4)
$757,500 (5)
IFRS:
Income tax based on aggregate statutory rate$762,750 (6)
Municipal bond interest
(7,000) (2)
Non-deductible expenses
1,750 (3)
Total income tax expense
$757,500 (5)
Page 48

(1)
$2,565,000 x 35%
(2)
$20,000 x 35%
(3)
$5,000 x 35%
(4)
(($500,000 x (20% - 30%) ($600,000 x (25% - 35%))
(5)
($1,450,000 x 35%) + ($500,000 x 20%) + ($600,000 x 25%)
(6)
(($1,450,000 + $15,000) x 35%) + ($500,000 x 20%) + ($600,000 x 25%)

Page 49
Disclosures
US GAAP
IFRS
Does not have this requirement.
Requires, in certain circumstances, disclosure

of "the nature of the evidence" supporting
recognition of certain deferred tax assets.
Scheduling the future reversals of temporary
differences and carryforwards often will be
necessary to develop the information required
to comply with that disclosure requirement.
Requires considerable disclosures regarding

any unrecognized tax benefits. The specific
requirements vary from those under IFRS. The
requirements for US GAAP can be found in
paragraphs 15 and 15A of ASC 740-10-50.
Also requires considerable disclosures

regarding unrecognized tax benefits. The
requirements are found in IAS 37, paragraphs
84 through 92.

Page 50
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Accounting For Income Taxes Slides

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Accounting for income taxes

Typical coverage of US GAAP

Financial statement presentation

Deferred tax liabilities

Deferred tax assets

Tax rate considerations

Net operating losses

Uncertain tax positions

Undistributed profits of foreign subsidiaries