"Financial Report"：Income Taxes

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Questions 1:

One of the notable differences between IFRS and US GAAP when dealing with income tax is best illustrated by the fundamental treatment of:

A、 non-deductible goodwill.

B、 the revaluation of property, plant, and equipment.

C 、temporary differences between the carrying amount and tax base of assets and liabilities.

Questions 2:

At the beginning of the year, a company purchased a fixed asset for $500,000 with no expected residual value. The company depreciates similar assets on a straight-line basis over 10 years, whereas the tax authorities allow declining balance depreciation at the rate of 15% per year. In both cases, the company takes a full year’s depreciation in the first year. The tax rate is 40%. Which of the following statements concerning this asset at the end of the year is most accurate?

A 、The tax base is $500,000.

B、 The deferred tax asset is $10,000.

C、 The temporary difference is $25,000.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. US GAAP prohibits the revaluation of PP&E. Therefore, this is a source of an important difference between US GAAP and IFRS with respect to reporting of income taxes.

A is incorrect. For non-deductible goodwill, despite some differences, US GAAP and IFRS are fundamentally the same.

C is incorrect. Both US GAAP and IFRS treat temporary differences in the same way fundamentally.

【Answer to question 2】C

【analysis】

C is correct. The temporary difference is the difference between the net book value (NBV) of the asset for accounting purposes and the NBV for taxes.

A is incorrect. The tax base of the asset is the amount that will be deductible for tax purposes in future periods. At the end of the year that amount is $425,000: 500,000 – 0.15(500,000).

B is incorrect. The difference will create a deferred tax liability of $10,000 (25,000 × 40%), not a deferred tax asset.

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