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GSA 548

GSA 548. Provision for Income Tax Expense Oct. 9, 2103. Why is this in GSA 548?. Why is this important?. ASC 740 FAS 109 FIN 48 Schedule M. s chedule M. Objective. To recognize the amount of taxes payable or refundable for the current year

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GSA 548

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  1. GSA 548 Provision for Income Tax Expense Oct. 9, 2103

  2. Why is this in GSA 548?

  3. Why is this important? • ASC 740 • FAS 109 • FIN 48 • Schedule M

  4. schedule M

  5. Objective • To recognize the amount of taxes payable or refundable for the current year • To recognize deferred tax liabilities and deferred tax assets for the future tax consequencesof events that have been recognized in an entities financial statements or tax returns

  6. Financial Statement Presentation • Current • Non current • Different jurisdictions

  7. mechanics

  8. Valuation Allowance 740-10-30-5(e) • Reduce DTA by a valuation allowance if, …, it is more likely than not (…) that some portion or all of the DTA will not be realized. The valuation allowance shall be sufficient to reduce the DTA to the amount that is more likely than not to be realized.

  9. Valuation Allowance

  10. Valuation Allowance

  11. Valuation Allowance 740-10-45-5 • The valuation allowance for a particular tax jurisdiction shall be allocated between current and noncurrent deferred tax assets …. On a pro rata basis.

  12. Uncertain Tax PositionFIN 48

  13. Uncertain Tax PositionFIN 48 740-10-25-6 An entity shall initially recognize the financial statement effects of a tax position when it is more-likely-than-not, based on the technical merits, that the position will be sustained upon examination.

  14. Uncertain Tax PositionFIN 48 740-10-30-7 A tax position that meets the more-likely-than-not recognition threshold shall initially and subsequently be measured as the largest amount of the tax benefit that is greater than 50% likely of being realized upon settlement

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