📖 所得税：递延税项资产/负债

Financial Statement Analysis

I. Lesson Focus

This lesson explains the balance-sheet approach to income tax accounting under IFRS (IAS 12) and US GAAP (ASC 740). Candidates must be able to identify temporary differences, calculate deferred tax assets (DTA) and deferred tax liabilities (DTL), determine when a valuation allowance is required, adjust financial statements, and analyze the impact of tax-rate changes on reported earnings and future cash flows.

II. The Problem

A Chinese manufacturing company reports pre-tax accounting profit of RMB 12 million in 2023. It pays only RMB 6 million in current taxes but records income-tax expense of RMB 7.8 million in its financial statements. Why does the tax expense on the income statement differ from the cash taxes paid? What exactly are the “deferred tax assets” and “deferred tax liabilities” appearing on the balance sheet? Without a clear understanding of these items, analysts cannot correctly evaluate earnings quality, the effective tax rate, or forecast future cash taxes. This lesson solves these practical and exam-critical questions.

III. The Framework of Income-Tax Accounting

Income-tax accounting follows the balance-sheet approach. Income-tax expense reported on the income statement equals:

Income-tax expense = Current tax + Deferred tax

• Current tax is the amount of income taxes payable (or recoverable) in respect of the taxable profit (or tax loss) for the current period, calculated according to tax rules.
• Deferred tax arises from temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases.

Differences between accounting profit and taxable profit are of two types:

1. Permanent differences never reverse and do not create deferred taxes (e.g., fines not deductible for tax purposes, tax-exempt interest).
2. Temporary differences will reverse in the future and give rise to deferred tax assets or liabilities.

IV. Calculating Temporary Differences

Temporary difference = Carrying amount of asset/liability – Tax base

• Taxable temporary differences result in taxable amounts in future periods → create Deferred Tax Liability (DTL).
• Deductible temporary differences result in amounts that will be deductible in future periods → create Deferred Tax Asset (DTA).

DTL = Taxable temporary difference × Expected future tax rate
DTA = Deductible temporary difference × Expected future tax rate

Recognition rules: - A DTL is recognized for almost all taxable temporary differences. - A DTA is recognized only to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. If realization is uncertain, a valuation allowance is established against the DTA.

V. Common Temporary Differences

The following table summarizes the most frequently tested items on the CFA exam:

VI. Effect of Changes in Tax Rates

When enacted tax rates change, all existing DTA and DTL must be remeasured using the new rate. The adjustment is recognized immediately in income-tax expense in the current period. This is a high-frequency exam topic.

Worked Cases

Case 1: Depreciation Creating a DTL (Basic Illustration)

Equipment costs RMB 1 million. Accounting depreciation is straight-line over 4 years (RMB 0.25 m per year). Tax depreciation is accelerated: RMB 0.6 m in Year 1, RMB 0.4 m in Year 2. Tax rate is constant at 25 %. Pre-tax accounting profit before depreciation is RMB 2 million in Year 1.

Step-by-step calculation: - Year-1 accounting carrying amount = 1.00 – 0.25 = 0.75 m - Year-1 tax base = 1.00 – 0.60 = 0.40 m - Taxable temporary difference = 0.75 – 0.40 = 0.35 m - DTL created = 0.35 × 25 % = RMB 0.0875 m

Income-tax expense: - Current tax = (2.00 – 0.60) × 25 % = 1.40 × 25 % = RMB 0.35 m - Deferred tax expense = +0.0875 m - Total tax expense = 0.35 + 0.0875 = RMB 0.4375 m

Case 2: Bad-Debt Provision and Valuation Allowance

At year-end, gross receivables are RMB 5 million and an expected-credit-loss allowance of RMB 0.5 million is recorded. Tax law allows deduction only when the debt is actually written off. Pre-tax accounting profit is RMB 1.8 million. The company expects sufficient future taxable profit. Tax rate = 25 %.

• Deductible temporary difference = RMB 0.5 m
• Gross DTA = 0.5 × 25 % = RMB 0.125 m
• Current tax = 1.8 × 25 % = RMB 0.45 m (tax law does not allow the provision)
• Tax expense = 0.45 – 0.125 = RMB 0.325 m

If management believes only RMB 0.3 m of the difference will be utilized: - Valuation allowance = (0.5 – 0.3) × 25 % = RMB 0.05 m - Net DTA recognized = 0.125 – 0.05 = RMB 0.075 m - Tax expense = 0.45 – 0.075 = RMB 0.375 m

Case 3: Impact of a Tax-Rate Change

At the end of 2022 a company has cumulative taxable temporary differences of RMB 4 m (DTL = 4 × 25 % = RMB 1 m) and deductible temporary differences of RMB 1.6 m (DTA = 1.6 × 25 % = RMB 0.4 m). In early 2023 the tax rate is reduced from 25 % to 20 %, effective immediately. No new differences arise in 2023.

• New DTL = 4 × 20 % = RMB 0.8 m → reduction of RMB 0.2 m (decreases current tax expense)
• New DTA = 1.6 × 20 % = RMB 0.32 m → reduction of RMB 0.08 m (increases current tax expense)
• Net effect on tax expense = –0.2 + 0.08 = –RMB 0.12 m (i.e., tax expense decreases by RMB 120,000)

Traps

Key Formulas

• Income-tax expense = Current tax + ΔDTL – ΔDTA
• DTL = Taxable temporary difference × Expected future tax rate
• DTA = Deductible temporary difference × Expected future tax rate (subject to realizability test)
• Effective tax rate = Income-tax expense / Pre-tax accounting profit
• Temporary difference = Carrying amount – Tax base
• When tax rates change, remeasure all existing DTA and DTL at the new rate; the difference flows through current income-tax expense

Practice Questions

Q1. Which of the following is most likely to give rise to a deferred tax liability?
A. Accrued product warranty expense
B. Using accelerated depreciation for tax purposes while using straight-line for financial reporting
C. Fines that are not deductible for tax purposes
D. Rental income received in advance that is deferred for accounting but taxed immediately

Q2. If pre-tax accounting profit is $5 million, current tax is $0.8 million, and deferred tax benefit is $0.15 million, income-tax expense is closest to:
A. $0.65 million
B. $0.80 million
C. $0.95 million
D. $1.10 million

Q3. An asset has a carrying amount of $120 and a tax base of $80. The applicable tax rate is 25 %. The resulting deferred tax balance is:
A. Deferred tax asset of $10
B. Deferred tax liability of $10
C. Deferred tax asset of $30
D. Deferred tax liability of $30

Q4. Regarding recognition of a deferred tax asset, which statement is correct?
A. A DTA must be recognized in full whenever a deductible temporary difference exists
B. A DTA is recognized only to the extent that it is probable that future taxable profit will be available
C. A valuation allowance relates only to permanent differences
D. A decrease in tax rate increases the carrying amount of a DTA

Q5. A company incurs R&D expenditure of $3 million that is capitalized and amortized over 5 years for accounting purposes but is fully deductible in the current period for tax purposes. Assuming a 25 % tax rate and no other differences, this situation creates:
A. A deferred tax liability of $0.15 million
B. A deferred tax asset of $0.15 million in the first year (overall DTA)
C. No deferred tax effect
D. A permanent difference

Q6. If the statutory tax rate is reduced from 30 % to 25 %, the effect on an existing net deferred tax liability is:
A. An increase in income-tax expense
B. A decrease in income-tax expense
C. No effect on income-tax expense
D. An adjustment only to other comprehensive income

Q7. Which of the following differences does not give rise to deferred tax?
A. Unrealized gain on an investment property measured at fair value
B. Non-deductible portion of entertainment expenses
C. Inventory write-down recognized for accounting but not yet for tax
D. Accrued future warranty costs

Q8. A company reports income-tax expense of $2.4 million, current tax payable of $1.8 million, beginning net DTL of $0.6 million, and ending net DTL of $0.9 million. Assuming a constant 25 % tax rate, pre-tax accounting profit is closest to:
A. $8.0 million
B. $9.6 million
C. $10.0 million
D. $12.0 million

Answers

Takeaways

• The fundamental driver of deferred taxes is the difference between an item’s carrying amount and its tax base.
• Taxable temporary differences create DTLs; deductible temporary differences create DTAs.
• DTAs are recognized only when future taxable profit is probable; a valuation allowance reduces the recorded DTA when necessary.
• Enacted changes in tax rates require immediate remeasurement of all existing DTA and DTL balances, with the effect recorded in current-period tax expense.
• Income-tax expense = Current tax + Change in DTL – Change in DTA.
• Mastery of deferred-tax concepts is essential for adjusting effective tax rates, forecasting cash taxes, and evaluating earnings quality.