By M. Van Hoepen
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Extra resources for Anticipated and Deferred Corporate Income Tax in Companies’ Financial Statements
Diff. : computations on a net-change basis (dynamic method) year taxable income book income difference type of the timing differences * tax eft. of the diff. diff. diff. means: reversing negative timing difference(s) . •• Note that this (originating negative) timing difference of 3,000 consisted in method a. of a reversing negative timing difference of 4,500 and originating negative timing differences of 7,500 in total. 28 METHODS FOR CALCULATION From this example it can be seen that in method b.
When no segmentation of the tax expense is given, the reader of the financial statements could easily conclude that the tax effect of the timing differences originates proportionally from the different components of income before tax. But when a segmentation of the tax expense is required it remains unclear how it should be done. B. Opinion no. 11, which states in part: '60. In reporting the results of operations the components of income tax expense for the period should be disclosed, for example: a.
Pos. pos. ) t . (A/3n) till n t . (Y - 2A/3n) Tax payable Unless a company expects a rise in tax rates, it will try to create as much orginating positive timing differences as possible, in order to maximize the discounted cash-flow after tax. Definitions of differences between book income and taxable income When defining timing differences we have to consider: a. whether they are positive (book income exceeds taxable income) or negative (taxable income exceeds book income); b. whether in a certain year they originate or reverse.