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• W188824906 abstract "Recognizing deferred tax assets probably is the most complex and subjective area of Financial Accounting Standards Board Statement no. 109, Accounting for Income Taxes. Companies must reduce deferred tax assets by a valuation allowance if, based on available evidence, it is likely than (a likelihood of more than 50%) some or all of the deferred tax assets will not be realized. Application of this provision will be affected by each company's circumstances and by management's evaluation of those circumstances. This article provides guidance on determining valuation allowances, illustrates application of the recognition criteria in different circumstances and summarizes deferred tax asset-related information disclosed in financial statements of companies that have adopted Statement no. 109. Note: The average U.S. federal tax rate used in this article is assumed to be 34%. THE BASICS The underlying principle of Statement no. 109 is that deferred tax assets and liabilities should be recognized for the future tax consequences of past events. Both are measured and recorded based on the expected tax consequences when the underlying temporary differences (book- versus tax-basis differences) generate taxable income or deductions in the future. In addition to temporary differences, deferred tax assets also are recognized for tax attributes such as operating and capital losses and tax credit carryforwards. Future realization of the tax benefit of an existing deductible temporary difference or tax attribute carryforward depends on the existence of sufficient taxable income of the appropriate type within the appropriate periods. Under Statement no. 109, taxable income sources are * Reversals of existing taxable temporary differences. * Taxable income in carryback years. * Expected future taxable income other than reversals. * Tax planning strategies. The first two sources are the most objectively determinable. Negative evidence may create uncertainty about the availability of taxable income from any of these sources. For instance, a history of recent prior losses that creates uncertainty about future income suggests a valuation allowance may be required. In some circumstances, positive evidence can overcome this presumption. For example, prior losses may have been caused by conditions not expected to recur. To the extent deductible temporary differences can reduce or otherwise offset taxable temporary differences within the appropriate periods, no valuation allowance should be required and negative evidence need not be considered. Absent negative evidence, the more likely than not criteria should allow most profitable companies to recognize the full amount of any deferred tax assets. A review of the financial statements of approximately 100 publicly held U.S. companies that have adopted Statement no. 109 shows 93 companies reported deferred tax assets and more than half of these recorded some amount of related valuation allowances. The financial statements disclosed these major sources of deferred tax assets: * Other postretirement employee benefit accruals. * Bad debt allowances. * Inventory reserves and tax capitalized inventory costs. * Restructuring reserves. * Reserves for discontinued operations. * Litigation reserves. * Operating loss carryforwards (U.S., foreign and state). * Capital loss carryforwards. * Tax credit carryforwards. A number of the companies that recorded valuation allowances were profitable and recorded deferred tax liabilities in excess of gross deferred tax assets. Generally, three factors caused these companies to record valuation allowances. * Unique sources. Companies reported capital loss carryforwards, foreign tax credits and other potential future tax benefits that require unique types of future taxable income for realization or which have relatively limited carryforward or carryback periods. …" @default.
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• W188824906 date "1995-03-01" @default.
• W188824906 modified "2023-09-24" @default.
• W188824906 title "Evaluating Deferred Tax Assets" @default.
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