Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015

Chapter 44ASC 740 INCOME TAXES

PERSPECTIVE AND ISSUES

   Subtopics

   Scope and Scope Exceptions

   Overview

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

   Accounting Theory

   Temporary Differences

   Permanent Differences

   Treatment of Net Operating Loss Carryforwards

   Measurement of Deferred Income Tax Assets and Liabilities

   The Valuation Allowance for Deferred Income Tax Assets Expected to Be Unrealizable

   Accounting for Uncertainty in Income Taxes

   The Effect of Tax Law Changes on Previously Recorded Deferred Income Tax Assets and Liabilities

   Reporting the Effect of Tax Status Changes

   Reporting the Effect of Accounting Changes for Income Tax Purposes

   Income Tax Effects of Dividends Paid on Shares Held by Employee Stock Ownership Plans

   Deferred Income Tax Effects of Changes in the Fair Value of Debt and Marketable Equity Securities

   Tax Allocation for Business Investments

   Separate Financial Statements of Subsidiaries or Investees

   Asset Acquisitions

   Intraperiod Income Tax Allocation

   Classification in the Statement of Financial Position

   Disclosures

PERSPECTIVE AND ISSUES

Subtopics

ASC 740, Income Taxes, consists of three Subtopics:

• ASC 740-10, Overall, which provides most of the guidance on accounting and reporting for income taxes
• ASC 740-20, Intraperiod Tax Allocation, which provides guidance on the process of allocating income tax benefits or expenses to different components of comprehensive income
• ASC 740-30, Other Considerations ...