"Financial Report"：Income Taxes
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
One of the notable differences between IFRS and US GAAP when dealing with income tax is best illustrated by the fundamental treatment of:
A、 non-deductible goodwill.
B、 the revaluation of property, plant, and equipment.
C 、temporary differences between the carrying amount and tax base of assets and liabilities.
Questions 2:
At the beginning of the year, a company purchased a fixed asset for $500,000 with no expected residual value. The company depreciates similar assets on a straight-line basis over 10 years, whereas the tax authorities allow declining balance depreciation at the rate of 15% per year. In both cases, the company takes a full year’s depreciation in the first year. The tax rate is 40%. Which of the following statements concerning this asset at the end of the year is most accurate?
A 、The tax base is $500,000.
B、 The deferred tax asset is $10,000.
C、 The temporary difference is $25,000.
B is correct. US GAAP prohibits the revaluation of PP&E. Therefore, this is a source of an important difference between US GAAP and IFRS with respect to reporting of income taxes.
A is incorrect. For non-deductible goodwill, despite some differences, US GAAP and IFRS are fundamentally the same.
C is incorrect. Both US GAAP and IFRS treat temporary differences in the same way fundamentally.
C is correct. The temporary difference is the difference between the net book value (NBV) of the asset for accounting purposes and the NBV for taxes.
A is incorrect. The tax base of the asset is the amount that will be deductible for tax purposes in future periods. At the end of the year that amount is $425,000: 500,000 – 0.15(500,000).
B is incorrect. The difference will create a deferred tax liability of $10,000 (25,000 × 40%), not a deferred tax asset.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>
