Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
Types of tax differences (2) |
1. Permanent difference 2. Temporary difference |
|
|
List permanent differences |
Dividends, 50% of capital gain, golf membership, 50% meals, political contributions, interest and penalties (page 251) |
|
|
list temporary differences |
Depreciation, warranties, capital leases, asset retirement obligation, lawsuit, deferred cost, pension expense, temporary investment, |
|
|
How to Determine temporary differences |
Multiply total temporary differences by current tax rate |
|
|
IFRS vs ASPE |
IAS 12 must account for current and deferred taxes. ASPE 3465 may choose future income tax or taxes payable method |
|
|
Temporary difference table format |
Item - Accounting basis - tax basis - temp differences: deductible (taxable) Positive = tax asset Negative = tax liability |
