新西兰根据国际会计准则第12号递延所得税会计处理外文翻译.docx
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新西兰根据国际会计准则第12号递延所得税会计处理外文翻译.docx
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新西兰根据国际会计准则第12号递延所得税会计处理外文翻译
外文文献翻译
原文:
AccountingfordeferredtaxesunderNZIAS12
A“balancesheet”approach
ThemostsignificantchangeinNZIAS12fromSSAP-12isthatthebasisusedtoaccountfordeferredtaxesfollowsabalancesheetapproachasopposedtoanincomestatementapproach.Tocalculatedeferredtaxesunderthebalancesheetapproach,wemustdetermineanentity’stemporarydifferences.Temporarydifferencesarethedifferencesbetweenthecarryingamountofanassetorliabilityinthebalancesheetanditstaxbase(i.e.,theamountattributedtothesameassetorliabilityfortaxpurposes).
Incontrast,tocalculatedeferredtaxesundertheincomestatementapproach,wemustdetermineanentity’stimingdifferences.Timingdifferencesarisewhenrevenueandexpenseitemsarerecognizedinthecalculationofaccountingprofitbeforeoraftertheyareincludedinthecalculationoftaxableprofit.
Thefocusofthedeferredtaxcalculationinthebalancesheetapproachisonitemsthatappearinthebalancesheet,whilefortheincomestatementapproachitisonitemsthatappearintheincomestatement.However,sincetheincomestatementisaby-productofthebalancesheet,alltimingdifferencesbydefinitionmustbeacomponentoftemporarydifferences(seeparagraph17ofNZIAS12whichhintsatthispoint).
Insomesituations,theamountoftemporarydifferenceswillequaltheamountoftimingdifferencesinaperiod.However,theamountoftimingdifferencescannotbegreaterthantheamountoftemporarydifferences.Thisisbecausenotallassetandliabilityitemsinthebalancesheetnecessarilyhaveaneffectthatpassesthroughtheincomestatementandwhichwouldimpactondeferredtaxes.Forexample,atemporarydifference,butnotatimingdifference,canarisewhenanassetisrevaluedupwards(withtheincrementinvaluerecognizedinequityandnotintheincomestatement),butthereisnoequivalentadjustmentmadefortaxpurposes(seelaterforamoredetaileddiscussionofhowthisisaccountedforunderNZIAS12).
Therefore,themainconsequenceofthebalancesheetapproachforentitieswhentheyadoptNZIAS12isthatitcancaptureamuchwiderrangeofitemsthatwillgiverisetotherecognitionofdeferredtaxesinthefinancialstatements.Further,thechangetoabalancesheetapproachisconsistentwiththeasset-liabilityorientationtofinancialreportingthatisadvocatedforbytheInternationalAccountingStandardsBoardinits“FrameworkforthePreparationandPresentationofFinancialStatements”andtheNewZealandInstituteofCharteredAccountants(formerlytheInstituteofCharteredAccountantsofNewZealand)inits“StatementofConceptsforGeneralPurposeFinancialReporting.”
Recognitionofalltemporarydifferences-no“partial”recognition
NZIAS12requiresadeferredtaxliabilitytoberecognizedforalltaxabletemporarydifferences.Taxabletemporarydifferencesresultintaxableamountsthatimpactthetaxableprofitoffutureperiodswhenthecarryingamountofanassetorliabilityisrecoveredorsettled.Further,NZIAS12requiresadeferredtaxassettoberecognizedforalldeductibletemporarydifferences,althoughthisissubjecttocertaincriteria.Deductibletemporarydifferencesresultinamountsthataredeductibleindeterminingthetaxableprofitoffutureperiodswhenthecarryingamountofanassetorliabilityisrecoveredorsettled.Therefore,whilesomeverylimitedexceptionsapply,therequirementinNZIAS12isthatalltemporarydifferences(taxableanddeductible)aretoberecognizedasdeferredtaxes(liabilityandasset,respectively)inthefinancialstatements.
Ingeneral,whenalltemporarydifferencesarerecognizedasdeferredtax,thisisoftenreferredtoastaxeffectaccountingundera“comprehensive”basis.Whenonlysome,butnotall,temporarydifferencesarerecognizedasdeferredtax,thisisoftenreferredtoastaxeffectaccountingundera“partial”basis.Usingthisterminologyanddistinction,NZIAS12canbeviewedasfollowingacomprehensivebasis.Ontheotherhand,SSAP-12allowsentitiesthechoicetorecognizedeferredtaxeseitherunderacomprehensivebasisorunderapartialbasis,althoughthepreferredoptioniscomprehensive.Assuch,thisprovidesasignificantvariationbetweenthetwoaccountingstandardsbecausethepartialbasisisnotallowedinNZIAS12.
Byandlargethepartialbasisaroseoutofconcernsregardingtherecognitionofdeferredtaxliabilitieswhentaxeffectaccountingunderthecomprehensivebasiswasused.Theseconcernscentreontheissueofwhethertaxabletemporarydifferences“reverse”.Therearesituationswherethetemporarydifferencescreatedunderthecomprehensivebasismaycauseanentitytoreportonitsbalancesheetadeferredtaxliabilitythatappearsnevertobesettledandwhichmaybeevergrowinginnature.Thiscanoccurifanentityhashighinvestmentsand/orapolicyofcontinuallyinvestingindepreciableassets.Insuchacase,thetaxabletemporarydifferencesmaynotreversebecausenewtemporarydifferencesarecreatedandrecognizedthatmorethanoffsetanyreversingtemporarydifferencesfromapriorperiod.Hence,thisgivestheimpressionthatsettlementofthedeferredtaxliabilitycanbepostponedindefinitely.Thepartialbasiswouldovercomethisconcernbyrecognizingasdeferredtaxesinthefinancialstatementsonlythosetemporarydifferencesthatareexpectedtohaveafuturecashfloweffect(i.e.,thosethatareexpectedtoreverse).
WhilemanyNewZealandentitiescurrentlyusethecomprehensivebasisandrecognizealltimingdifferencesasdeferredtax,NZIAS12willcastthatnetwiderbyrequiringalltemporarydifferencestoberecognized.Theeffectofthisonentitieswillbesmallifthetotalamountoftemporarydifferencesissimilartothetotalamountoftimingdifferences.ButtheeffectcouldbesubstantialforentitiesthatcurrentlyusethepartialbasisunderSSAP-12andhaveahistoryofnotrecognizingdeferredtaxesfromalltimingdifferences.Theseunrecognizedamountswillnowhavetoberecognized,andforsomeentities,thiswillnotbeatrivialexercise.Toillustrate,considerwhathappenedtoAirNewZealandwhenitreportedachangeinitsaccountingpolicyforincometaxesfromthepartialbasistothecomprehensivebasisforitsfinancialyearending2000,albeitundertherequirementsofSSAP-12.ThefinancialeffectofdoingsoincreasedAirNewZealand’sdeferredtaxliabilityby$786million,anamountthathadpreviouslybeenunrecognized.ItalsosignificantlycontributedtoAirNewZealand’sbottomlinenetlossof$600millionandsubstantiallyincreaseditsdebttototalassetsratiofrom34to66percentforits2000financialyear.Interestingly,AirNewZealandcitedthatitsmainreasonforchangingtothecomprehensivebasiswastobringitsbooksinlinewithinternationalaccountingstandardtrends.Morerecently,WongandWong6providedescriptiveevidencethatdeferredtaxesfromunrecognizedtimingdifferencesfromasampleofNewZealand’slargestcompaniesin2002and2003arenotsmall.
NZIAS12’srequirementtorecognizealltemporarydifferencesasdeferredtaxwillfuelfurtherdebateonthemeritsoftaxeffectaccountingunderthecomprehensiveandpartialbases.Theresolutionofthisdebateisfarfromcertain,especiallygivenrecentresearchfindingsthatentitieschoosepartialoverthecomprehensivebasisbecauseitprovidesmoreaccurateandrelevantinformationaboutthedeferredtaxfigurespresentedinthefinancialstatementswhentherearetemporarydifferencesthatarenotexpectedtoreverse.
Deferredtaxassets
NZIAS12andSSAP-12bothallowtherecognitionofdeferredtaxassets.However,therecognitionconditionsinNZIAS12differfromthoseinSSAP-12.InNZIAS12,therecognitionofadeferredtaxassetdependson“theextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferencecanbeutilized”(paragraph24ofNZIAS12).InSSAP-12,therecognitionofadeferredtaxassetdependson“theextentthatthereisvirtualcertaintyofitsrecoveryinfutureperiods”(paragraph4.20ofSSAP-12).Hence,therecognitionconditionsinNZIAS12regardingdeferredtaxassetsappeartobelessstringentthanthoseinSSAP-12.
ThemainconsequenceofthischangeinNZIAS12isthatentitiesarelikelytorecognizeandreportahigherincidenceofdeferredtaxassetsontheirbalancesheetthanwhatwehaveseenunderSSAP-12.However,NZIAS12alsorequiresthatentitiesbeconservativeintheirmeasurementofthedeferredtaxassetandtheymustreviewthecarryingamountateachbalancedate.Ifthereisaprobabilitythattherewillnolongerbesufficienttaxableprofitsavailabletoallowthebenefitofpartortheentiredeferredtaxassettobeutilized,thenthecarryingamountofthedeferredtaxassetmustbereducedaccordingly(paragraph56ofNZIAS12).Inaddition,thefinancialeffectofrecognizingadeferredtaxasset(orforthatmatter,adeferredtaxliability)maybereducedifanentityoffsetsthedeferredtaxassetsanddeferredtaxliabilitiesthattheypresentonthebalancesheet(paragraph74ofNZIAS12).
Revaluedassets
AninterestingissuethatarisesinNZIAS12concernstherevaluationofassets.Inthissituation,whenanassetisrevaluedupwardsinthefinancialstatements,butthereisnosimilaradjustmenttothetaxbaseoftheasset,thiscreatesataxabletemporarydifferencethatrequirestherecognitionofadeferredtaxliability.Incomparison,nodeferredtaxliabilitywouldberecognizedinthebalancesheetforanassetthatisrevaluedundertheincomestatementapproachinSSAP-12.Genera
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