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Definition
| Income subject to tax based on the tax return |
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Term
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Definition
| The tax liability on the balance sheet caused by taxable income. Also known as current tax expense. |
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Term
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Definition
| The actual cash flow for income taxes including payments or refunds from other years. |
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Term
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Definition
| A current or past loss that can be used to reduce taxable income (thus, taxes payable) in the future. Can result in a deferred tax asset. |
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Term
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Definition
| Net amount of an asset or liability used for tax reporting purposes. |
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Term
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Definition
| Pretax financial income based on financial accounting standards. Also known as income before tax and earnings before tax (EBT). |
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Term
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Definition
Expense recognized in the income statement that includes taxes payable and changes in deferred tax assets and liabilities (DTA and DTL).
= taxes payable + change(DTL) - change(DTA) |
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Term
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Definition
| Balance sheet amounts that result from an excess of income tax expense over taxes payable that are expected to result in future cash outflows. |
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Term
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Definition
| Balance sheet amounts that result from an excess of taxes payable over income tax expense that are expected to be recovered from future operations. Can also result from tax loss carryforwards. |
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Term
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Definition
| Reduction of deferred tax assets based on the likelihood the assets will not be realized. |
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Term
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Definition
| Net balance sheet value of an asset or liability. |
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Term
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Definition
| A difference between taxable income (tax return) and pretax income (income statement) that will not reverse in the future. |
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Term
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Definition
| A difference between the tax base and the carrying value of an asset or liability that will result in either taxable amounts or deductible amounts in the future. |
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