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Profit and loss account and balance sheet liability method Comparison of debt


To offset the operating loss. The company's income tax rate applicable to 33% in 2007, January 1, 2008 from 25%. A company should be based on 2007 income tax rate applicable future periods calculated on the basis, Leshan Vocational Technical College Guosu Qin and recognize the deferred income tax assets are as follows: By: Deferred tax assets 250000 Credit: 250,000 Income tax expense assumes that the company in 2008 and 2009 annual taxable income of 60 million, no other temporary differences. Accounting Treatment for 2008 are as follows: By: Income tax expense 150000 Credit: Deferred tax assets 1,500,002,009 years of accounting treatment is as follows: By: Income tax expense 150000 Credit: Taxes payable 100,000 Deferred tax assets - Income tax payable 50,000 b may carry forward annual costs net of temporary differences under the new tax law,[link widoczny dla zalogowanych], allowed deduction in future tax years over the cost of the project are: (1) Subject to the accounts, tax departments as otherwise provided, an enterprise The employee education expenditure does not exceed 2.5% of the total wage and salary portion of deductible; over part of the allowed deduction in future tax years over. (2) an enterprise of eligible advertising and business promotion expenses, in addition to the accounts,[link widoczny dla zalogowanych], tax departments as otherwise provided, no more than current sales (business) income of 1.5% of the parts, may be deducted; the excess shall be allowed, carried forward after deduction of the tax year. (3) preparation costs incurred by an enterprise, according to accounting standards, the event counted in the cost of current income, in accordance with the provisions of the new tax law, business expenses incurred in the preparation period, as long-term deferred expenses should be spending the month occurred from the Expenditure amortized from the next month, in the pre-tax deduction, the amortization period not less than 3 years. The deduction can be carried forward after the tax year, the cost of the project, because they do not meet the asset recognition criteria but not reflected in balance sheet assets, but under the new tax law to determine its tax base, and its book value of zero and the tax based on the difference between the assets are not recognized as a special temporary differences generated by the project can be deducted as expenses for future periods, thereby reducing future taxable income during the income sheet debt and payable by the unparalleled advantages, So, now the International Accounting Standards and the United States using the balance sheet liability method. With China's accession to 0 and the continuous deepening of reform and opening up, China's economy becomes increasingly tied to the world economy, which is the objective requirements of the accounting system with the international practice. Therefore,[link widoczny dla zalogowanych], the new income guidelines require the use of the balance sheet liability method, so that our country can better integration into the world economic integration process, the better convergence with international practice, so as to take off China's economic development and lay a good basis. (B) the principle of comparability of the accounting system more in line with the provisions of the accounting treatment of corporate income tax deferred method, the tax payable method and the income statement liability method, from which companies can alternatively. This greater choice, making the very lack of comparability between enterprises. Unified standard for all companies, all using the balance sheet liability method,[link widoczny dla zalogowanych], more in line with the principle of comparability,[link widoczny dla zalogowanych], is conducive to the comparison of accounting information between enterprises. (C) to provide more useful information for decision-making balance sheet liability method is more emphasis on temporary differences, temporary differences in both timing differences, but also including non-temporary timing differences, a much broader scope than the timing differences. Other deferred income tax assets and deferred tax liabilities and disclosure of sub-doors deal. The information provided is more detailed and more explicit, easy to understand. This is the balance sheet debt of the biggest advantages. Through this comparative analysis can be seen: the balance sheet liability method conforms to the trend of the world to adapt to the economic development and improve the level of China's opening up and promote the internationalization of accounting. In the long run, China's income tax accounting standards located on the balance sheet liability method is feasible. Currently a growing number of state-owned enterprise reform, corporate merger and reorganization of the issues emerging, the market economy from extensive to intensive, multinational enterprises and joint-stock reform and other economic issues have become increasingly frequent. These will lead to a large number of non-timing of temporary differences. New accounting standard requires a balance sheet liability method in line with our market economic reform and development of practical, but also the inevitable choice of accounting internationalization.
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