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Accounting for deferred taxes

Lectures: 10

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About this course

Deferred tax liability is a tax that is assessed or is due for the current period but has not yet been paid. … A deferred tax liability records the fact the company will, in the future, pay more income tax because of a transaction that took place during the current period, such as an installment sale receivable.

The simplest example of a deferred tax asset is the carryover of losses. If a business incurs a loss in a financial year, it usually is entitled to use that loss in order to lower its taxable income in the following years. 2 In that sense, the loss is an asset.

The deferred tax liability represents an obligation to pay taxes in the future. The obligation originates when a company delays an event that would cause it to also recognize tax expenses in the current period. … One of the most common causes of deferred tax liabilities comes from varying asset depreciation schedules.

1.Introduction

1
1.Introduction
(09:59)
2
2.Matching Concept and Deferred Tax
(07:26)
3
3.Generally Accepted Accounting Practices for Tax Accounting
(01:00)

2.Deferred Tax and Difference

1
1.Basic Terms Explained
(04:45)
2
2.Accounting Income and Taxable Income
(13:08)
3
3.Impact of Differences
(06:25)
4
4.Deferred Tax Assets and Liabilities
(07:54)
5
5.Reasonable and Virtual Certainity
(04:23)
6
6.Recognition of Deferred Tax
(06:35)
7
7.Deferred Tax Example
(12:54)

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Accounting for deferred taxes
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