今天說說關(guān)于所得稅的理解和一些細(xì)節(jié)。 1．Income tax expense = Taxes payable + Deferred income tax expense, 這右邊第二項正的就是deferred tax liability，負(fù)的就是deferred tax asset。這個公式簡單理解成所得稅費(fèi)用就包括實際交稅(cash item)和應(yīng)該補(bǔ)交或可以抵扣的那部分稅(non-cash item)。這也表明，deferred tax asset/liability這兩個科目的產(chǎn)生都是以difference will reverse in future years為前提的。

2．Deferred tax liability之所以產(chǎn)生，是因為今年實際交稅少了，以后還是要補(bǔ)的，所以可簡單理解成負(fù)債。也就是說taxes payable < income tax expense, ie. Taxable income < pretax income. Deferred tax asset相反的產(chǎn)生過程，無需多講。但它有valuation allowance，也是一個備抵項目，但需要記住的是valuation allowance applies exclusively to deferred tax asset。也是，出于謹(jǐn)慎性原則，對于資產(chǎn)才要備抵一下，負(fù)債從來不算這個的。另外，涉及到備抵賬戶的，往往是管理層操縱業(yè)績的一種手段，這種職業(yè)敏感 性是要不斷加強(qiáng)的。比如allowance就會增加tax expense, 那相應(yīng)凈利潤就會減少。 3．Deferred tax liability/asset的計算：列出兩張表，分別based on tax return和financial reporting，然后兩相比較，很容易得出。 4．Liability method和Deferred method的最大區(qū)別：the treatment of changes in tax rates. The deferred method is unaffected by changes in tax rates while the liability method adjusts deferred assets and liabilities to reflect the new tax rates. 5．Change in tax rates: 在Liability method方法之下，稅率變動，賬面上的deferred asset/ability也要revalue來反映今后它們reverse的當(dāng)前價值。假設(shè)稅率上升，那么deferred liability就會增加今年的income tax expense，這會使得凈利潤和股東權(quán)益都下降；deferred asset的作用剛好相反。由于一般而言，都是deferred liability > deferred asset，所以通常，稅率上升的總體結(jié)果表現(xiàn)就是cause net income and stockholder’s equity to decline. 6．Deferred tax liability應(yīng)該被當(dāng)作一項負(fù)債還是權(quán)益？這在進(jìn)行財務(wù)分析時尤需分清。In many cases, it may be unlikely that deferred tax liabilities will be paid. For example, if a company has deferred tax liabilities occurring, solely because of the use of accelerated depreciation for tax purposes and the company’s capital expenditures are expected to continue to grow in the foreseeable future, the deferred tax liability will not reverse and should be considered as equity. However, if growth is expected to stop or slow considerably, the liability will reverse and it should be considered as a true liability. 也就是說，關(guān)鍵在于看這個遞延負(fù)債究竟有無可能reverse！如果它將無限期的遞延下去，那么把它看作權(quán)益更加合適。每每看到類似跟財務(wù)分析直接相關(guān)的 小細(xì)節(jié)，還是由衷的開心，難說以后哪天就在研究報告中show一下呢，不過需要先確認(rèn)一下國內(nèi)是否也是如此操作呵。原來，學(xué)習(xí)會計也是有樂趣的，我的問題 就是本科的那幫老師，以至于讓我對專業(yè)完全喪失了興趣。我無意說出任何刻薄的話，但是真的覺得為人師如此，無論是學(xué)識還是做人，都是應(yīng)該慚愧的。當(dāng)然，我 自己也應(yīng)該慚愧，算了算了，現(xiàn)在辛苦些重新學(xué)起吧，今年把CPA的會計也報了，融會貫通加深印象。扯遠(yuǎn)了，還是回到上面這個問題。有時，如果這個non- reversal是可以肯定的話，那索性就把deferred tax liability記入stockholders’ equity，這樣做的后果就是debt-to-equity ratio減小，有時這個減幅還是挺大的呢。Sometimes, instead of reclassifying deferred liabilities as stockholders’ equity, the analyst might just ignore deferred taxes altogether. This is done if non-reversal is uncertain or financial statement depreciation is deemed inadequate and it is therefore difficult to justify an increase in stockholders’ equity. Some creditors, notably banks, simply ignore deferred taxes. 所以說，在這個問題上，分析師必需case-by-case。 7．Temporary difference: The differences between tax and financial reporting that will reverse in the future and will affect taxable income when they reverse。比如兩種記賬分別采用不同的折舊計提方法，但這兩者的差別會隨著該資產(chǎn)的消亡而消失。(Each individual depreciation for an existing asset will reverse over the course of the life of that asset, that is why it is considered a temporary difference and creates a deferred tax liability.) 假設(shè)交稅是以DDB計提方法，報表是以直線計提法，如果公司快速發(fā)展，不斷購買新的固定資產(chǎn)，那么這兩者的差距就會一直延續(xù)下去，而deferred tas/liability的reversal也將被無限推遲。 Permanent difference: the differences between tax and financial reporting that are not expected to reverse in the future. 比如warranty expenses, tax-loss carry forwards. 永久性差異無所謂推遲了，壓根不會reverse的。 如果光是永久性差異的話，tax expense就是tax payable, 兩者之所以有差別，都是因為暫時性差異。因此也看出，deferred asset/liability都只跟暫時性差異有關(guān)。 8． 遞延稅款分析時最好用計算PV: 即便deferred asset/liability已經(jīng)確定會reverse, because the payments may occur far into the future, an analyst should revalue the liability or asset at its present value. The difference between the stated value and the present value of deferred taxes should be treated as equity. 最后這句話尤為希奇，記一下。 9．Indefinite Reversals: 有時候difference究竟會不會reverse不那么容易確定。The most common of these differences is the undistributed earnings of unconsolidated subsidiaries or joint ventures. If income is earned but not distributed back to the parent company in the form of dividends, the income will be reflected on the income statement as pretax income but will not appear on the tax return. The parent may consider this income to be permanently reinvested in the subsidiary. In that case, the difference will never be reversed. The company can treat this difference as permanent if the parent controls the subsidiary or joint venture. 有關(guān)合并報表的東西，以后再研究吧。