CFA二級(jí)所得稅的學(xué)習(xí)筆記分享
　　1、Income tax expense = Taxes payable +
　　Deferred income tax expense, 這右邊第二項(xiàng)正的就是deferred taxliability，負(fù)的就是deferred tax asset。這個(gè)公式簡(jiǎn)單理解成所得稅費(fèi)用就包括實(shí)際交稅(cashitem)和應(yīng)該補(bǔ)交或可以抵扣的那部分稅(non-cash item)。這也表明，deferred taxasset/liability這兩個(gè)科目的產(chǎn)生都是以difference will reverse in future years為前提的。
　　2、Deferred
　　tax liability之所以產(chǎn)生，是因?yàn)榻衲陮?shí)際交稅少了，以后還是要補(bǔ)的，所以可簡(jiǎn)單理解成負(fù)債。也就是說(shuō)taxes payable< income tax expense, ie. Taxable income < pretax income. Deferredtax asset相反的產(chǎn)生過程，無(wú)需多講。但它有valuation allowance，也是一個(gè)備抵項(xiàng)目，但需要記住的是valuationallowance applies exclusively to deferred taxasset。也是，出于謹(jǐn)慎性原則，對(duì)于資產(chǎn)才要備抵一下，負(fù)債從來(lái)不算這個(gè)的。另外，涉及到備抵賬戶的，往往是管理層操縱業(yè)績(jī)的一種手段，這種職業(yè)敏感性是要不斷加強(qiáng)的。比如allowance就會(huì)增加tax expense, 那相應(yīng)凈利潤(rùn)就會(huì)減少。
　　3、Deferred tax liability/asset的計(jì)算：列出兩張表，分別based on tax return和financial reporting，然后兩相比較，很容易得出。
　　4、Liability
　　method和Deferred method的*5區(qū)別：the treatment of changes in tax rates. Thedeferred method is unaffected by changes in tax rates while theliability method adjusts deferred assets and liabilities to reflect thenew tax rates.
　　5、Change in tax rates: 在Liability
　　method方法之下，稅率變動(dòng)，賬面上的deferredasset/ability也要r*ue來(lái)反映今后它們r(jià)everse的當(dāng)前價(jià)值。假設(shè)稅率上升，那么deferredliability就會(huì)增加今年的income tax expense，這會(huì)使得凈利潤(rùn)和股東權(quán)益都下降；deferredasset的作用剛好相反。由于一般而言，都是deferred liability > deferredasset，所以通常，稅率上升的總體結(jié)果表現(xiàn)就是cause net income and stockholder’s equity todecline.
　　6、Deferred tax liability應(yīng)該被當(dāng)作一項(xiàng)負(fù)債還是權(quán)益？這在進(jìn)行財(cái)務(wù)分析時(shí)尤需分清。Inmany cases, it may be unlikely that deferred tax liabilities will bepaid. For example, if a company has deferred tax liabilities occurring,solely because of the use of accelerated depreciation for tax purposesand the company’s capital expenditures are expected to continue to growin the foreseeable future, the deferred tax liability will not reverseand should be considered as equity. However, if growth is expected tostop or slow considerably, the liability will reverse and it should beconsidered as a true liability.
　　也就是說(shuō)，關(guān)鍵在于看這個(gè)遞延負(fù)債究竟有無(wú)可能reverse！如果它將無(wú)限期的遞延下去，那么把它看作權(quán)益更加合適。每每看到類似跟財(cái)務(wù)分析直接相關(guān)的小細(xì)節(jié)，還是由衷的開心，難說(shuō)以后哪天就在研究報(bào)告中show一下呢，不過需要先確認(rèn)一下國(guó)內(nèi)是否也是如此操作呵。原來(lái)，學(xué)習(xí)會(huì)計(jì)也是有樂趣的，我的問題就是本科的那幫老師，以至于讓我對(duì)專業(yè)完全喪失了興趣。我無(wú)意說(shuō)出任何刻薄的話，但是真的覺得為人師如此，無(wú)論是學(xué)識(shí)還是做人，都是應(yīng)該慚愧的。當(dāng)然，我自己也應(yīng)該慚愧，算了算了，現(xiàn)在辛苦些重新學(xué)起吧，今年把CPA的會(huì)計(jì)也報(bào)了，融會(huì)貫通加深印象。扯遠(yuǎn)了，還是回到上面這個(gè)問題。有時(shí)，如果這個(gè)non-reversal是可以肯定的話，那索性就把deferred tax liability記入stockholders’
　　equity，這樣做的后果就是debt-to-equity ratio減小，有時(shí)這個(gè)減幅還是挺大的呢。Sometimes, instead ofreclassifying deferred liabilities as stockholders’ equity, the analystmight just ignore deferred taxes altogether. This is done ifnon-reversal is uncertain or financial statement depreciation is deemedinadequate and it is therefore difficult to justify an increase instockholders’ equity. Some creditors, notably banks, simply ignoredeferred taxes. 所以說(shuō)，在這個(gè)問題上，分析師必需case-by-case。
　　7、Temporary
　　difference: The differences between tax and financial reporting thatwill reverse in the future and will affect taxable income when theyreverse。比如兩種記賬分別采用不同的折舊計(jì)提方法，但這兩者的差別會(huì)隨著該資產(chǎn)的消亡而消失。(Each individualdepreciation for an existing asset will reverse over the course of thelife of that asset, that is why it is considered a temporary differenceand creates a deferred tax liability.)假設(shè)交稅是以DDB計(jì)提方法，報(bào)表是以直線計(jì)提法，如果公司快速發(fā)展，不斷購(gòu)買新的固定資產(chǎn)，那么這兩者的差距就會(huì)一直延續(xù)下去，而deferredtas/liability的reversal也將被無(wú)限推遲。
　　Permanent difference: the
　　differences between tax and financial reporting that are not expected toreverse in the future. 比如warranty expenses, tax-loss carry forwards.
　　永久性差異無(wú)所謂推遲了，壓根不會(huì)reverse的。
　　如果光是永久性差異的話，tax expense就是tax payable, 兩者之所以有差別，都是因?yàn)闀簳r(shí)性差異。因此也看出，deferred asset/liability都只跟暫時(shí)性差異有關(guān)。
　　8、遞延稅款分析時(shí)*4用計(jì)算PV: 即便deferred asset/liability已經(jīng)確定會(huì)reverse, because thepayments may occur far into the future, an analyst should r*ue theliability or asset at its present value. The difference between thestated value and the present value of deferred taxes should be treatedas equity. 最后這句話尤為希奇，記一下。
　　9、Indefinite Reversals:
　　有時(shí)候difference究竟會(huì)不會(huì)reverse不那么容易確定。The most common of these differences isthe undistributed earnings of unconsolidated subsidiaries or jointventures. If income is earned but not distributed back to the parentcompany in the form of dividends, the income will be reflected on theincome statement as pretax income but will not appear on the tax return.
　　The parent may consider this income to be permanently reinvested in thesubsidiary. In that case, the difference will never be reversed. Thecompany can treat this difference as permanent if the parent controlsthe subsidiary or joint venture. 有關(guān)合并報(bào)表的東西，以后再研究吧。

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