We are all experiencing the effect of the COVID economy and may (or may not) have received stimulus checks that are supposed to be NOT taxed.
- discuss one of those topics, regard to income taxes.
.CLO16-1. .CLO16-2 QL016-3 . . . L016-4 LO16-5 LO16-6 LO167 Explain the conceptual underpinnings of accounting for temporary differences and the four-step method used to calculate income tax expense. (p. 909) Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. (p. 912) Describe the types of temporary differences that cause deferred tax assets and determine the amounts needed to record periodic income taxes. (p. 919) Describe when and how a valuation allowance is recorded for deferred tax assets. (p. 925) Explain why permanent differences have no deferred tax consequences. (p. 929) Explain how a change in tax rates affects the measurement of deferred tax amounts. (p. 933) Describe when and how the tax effects of net operating losses are recognized in the financial statements. (p. 937 Explain how deferred tax assets and deferred tax liabilities are reported in a classified balance sheet and describe related disclosures. (p. 941) Demonstrate how to account for uncertainty in income tax decisions. (p. 943) Explain intraperiod tax allocation. (pp. 946) Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for income taxes. (pp. 931) .@L016-8 . LO16-9 .@LO1610 . LO1611 .CLO16-1. .CLO16-2 QL016-3 . . . L016-4 LO16-5 LO16-6 LO167 Explain the conceptual underpinnings of accounting for temporary differences and the four-step method used to calculate income tax expense. (p. 909) Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. (p. 912) Describe the types of temporary differences that cause deferred tax assets and determine the amounts needed to record periodic income taxes. (p. 919) Describe when and how a valuation allowance is recorded for deferred tax assets. (p. 925) Explain why permanent differences have no deferred tax consequences. (p. 929) Explain how a change in tax rates affects the measurement of deferred tax amounts. (p. 933) Describe when and how the tax effects of net operating losses are recognized in the financial statements. (p. 937 Explain how deferred tax assets and deferred tax liabilities are reported in a classified balance sheet and describe related disclosures. (p. 941) Demonstrate how to account for uncertainty in income tax decisions. (p. 943) Explain intraperiod tax allocation. (pp. 946) Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for income taxes. (pp. 931) .@L016-8 . LO16-9 .@LO1610 . LO1611
