終于開始我的L2之旅了，希望還來得及。
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用就包括實際交稅(cash item)和應(yīng)該補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。
以上是L1的內(nèi)容，毫無印象，可見當(dāng)時準(zhǔn)備時基本都沒看，幸好蒙過了?，F(xiàn)在要認(rèn)真了。
1．Tax loss carryforward: the current net taxable loss that is used to reduce taxable income (thus, taxes payable) in future years. If future taxable income is assured, the loss carryforward is an asset. However, if future income is not assured, the loss carryforward is reduced by a valuation allowance.
2．Deferred liability/asset的產(chǎn)生一級里邊都有講過，Income tax disclosures需要多看幾遍，factors influencing deferred taxes是一級的深化。看來重讀一級是非常必要的，否則不知其所云的感覺真是痛苦。再次提到：the analyst’s goal is to determine whether the deferrals are appropriately classified as assets and liabilities on the balance sheet. This determination is based on whether the deferred assets and liabilities are actually expected to reverse in the future. 教程安排還是挺不錯的，先是告訴你簡單的處理，隨后是復(fù)習(xí)、補充、深化。這種方式對于我這種天資一般的人來說還是頗為管用的。我喜歡每次懂多一點的欣喜，很有層次感的收獲。二級里邊把處理方式歸納了一下：If deferred tax assets or liabilities are expected to reverse in the future, they are best classified as assets or liabilities respectively. 調(diào)整為現(xiàn)值的要求依然跟一級一樣, Indefinite reversal那段話原封不動再次提起。If reversal is not expected, deferred tax assets are reduced by increasing the valuation allowance; deferred tax liabilities are removed from the balance sheet and the equity account is increased by the amount of the eliminated liability. 關(guān)于稅率變動和公司持續(xù)購買固定資產(chǎn)導(dǎo)致無限推遲reverse等等內(nèi)容跟一級一模一樣。唯一增加的內(nèi)容是Nonrucurring items對遞延稅項的影像。
3．Deferred liability對財務(wù)報表的影響：首先依然要解決項目性質(zhì)歸屬問題，是負(fù)債還是權(quán)益？也就是上面的第6點。歸納起來就是這樣三種情形：A. 如果這個Def. L不可能reverse的話（主要是因為固定資產(chǎn)的持續(xù)投入），就把它視為權(quán)益好了；B. 但是哪天公司放慢了投資，這個Def. L最終會reverse，那就應(yīng)該把它視作真正的負(fù)債。C. 如果對于reversal的可能性根本就不清楚，或者分析師認(rèn)為financial statement提的折舊不夠，那他最好選擇索性忽略這個Def. L。
新內(nèi)容是：假設(shè)reversal會發(fā)生，那么將來必然有一筆現(xiàn)金流出，
reduction in future cash flow = deferred tax expense / statutory tax rate
taxable income = pretax income – deferred tax expense / statutory tax rate
Deferred asset對財務(wù)報表的影響：基本上跟Def. L的作用相反，如果分析師認(rèn)為這個Def. A不可能reverse的話，那他應(yīng)該同時減少以下科目: Deferred asset (net of the valuation allowance)、Income、Stockholders’ equity.
increase in future cash flow = deferred tax expense / statutory tax rate
taxable income = pretax income + deferred tax expense / statutory tax rate
4. PV: The difference between the stated value and the present value of deferred taxes should be treated as equity. 上面沒懂的這句話L2通過一個例子讓我明白了，原因就在于資產(chǎn)負(fù)債表右邊的負(fù)債+權(quán)益并不因為遞延負(fù)債的reclassification而增加/減少，因為資產(chǎn)是一定的。那遞延負(fù)債PV與賬面價值的差額，只能加到權(quán)益里邊去了。這些工作主要是分析師在進(jìn)行financial ratio計算是做的調(diào)整。至于考試中，估計會讓你分別計算unadjusted和adjusted的debt-to-equity ratio. 一般來說，如果把Def. L歸為權(quán)益的話，負(fù)債率會降低，這個不難理解，負(fù)債減少了。
5. Reconciliation between the Effective and Statutory Tax Rates: 這個好煩，以前的報表分析中基本上稅都是跳著看的，因為不懂?，F(xiàn)在看了還是沒有感性認(rèn)識，再說了。
a) Effective tax rate = income tax expense / pretax income
b) When estimating future earnings and cash flows, the analyst should understand each element of the reconciliation, including its relative impacts, how each has changed with time, and how each is likely to change in the future. 這西往往是需要分析師從企業(yè)獲取更多信息的，可當(dāng)作調(diào)研的一部份。
c) In analyzing trends in tax rates, it is important to only include reconciliation items that are continuous in natures rather than those that are sporadic. 持續(xù)的有：different rates in different countries, tax-exempt income, non-deductible expense. 零散的有：the occurrence of large dollar amounts of asset sales, tax holiday savings.
計算中的一些小結(jié)：1）Def. Asset和Def. Liability是要分開考慮計算的，這個沒問題，但在具體算區(qū)別的正負(fù)時，為了避免弄錯，不要記公式了，還是從計提的后果分析，看其對Def. Asset和Def. Liability的影響是增加還是減少。
所得稅就算告一段落吧，依舊膚淺的很，想來CPA肯定繁瑣的要命。
