所得税的相关研究 [2]
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关键词:所得税income taxes会计专业assignment范文论文范文
摘要:The tax footnotes in the financial statements are the best source of detailed information about temporary differences. Examining Fortune 50 firms from 1993 to 2007, Raedy et al. (2011) find that the number of accounts listed on the statement of deferred tax positions ranges from two to 28.
not expected to provide a tax benefit.
Permanent differences
Whereas temporary differences arise because there are differences in when certain transactions are included on the balance sheet and income statement, other differences do not arise from timing issues, but rather are permanent in nature. For example, municipal bond interest is not taxed but is included in revenue for book purposes. Consequently, permanent differences do not create deferred tax assets or liabilities. Instead, permanent differences cause effective tax rates (income tax expense divided by pretax income) to differ from the statutory tax rates. For example, municipal bond interest is included in pretax income, but no tax expense is recorded. Thus, earning municipal bond interest results in a lower effective tax rate (ETR).
The tax footnotes of the financial statements provide information about permanent differences through a reconciliation of the effective tax rate to the federal statutory tax rate. All significant reconciling items must be disclosed. The governing principal (SEC Regulation S-X Rule 4-08(h))defines significant as 5% of the statutory rate (1.75% for a 35% statutory tax rate). This high threshold typically results in disclosure of only a handful of permanent differences for any given firm-year. Permanent book-tax differences are not the only items that affect the reconciliation of the ETR to the federal statutory rate. For example, state and foreign taxes also cause the ETR of a company to differ from the U.S. federal rate. In fact, in their examination of the rate reconciliations of the Fortune 250 from 1993 to 2007, Raedy et al. (2011) find that the largest reconciling items are foreign and state taxes.
Unlike Poterba et al. (2011) and Raedy et al. (2011), who examine hand-collected data from the tax footnotes, most studies use computer-readable databases, which enable them to examine larger samples but prevent them from identifying the specific temporary and permanent BTDs. Thus, most studies tend to examine aggregations of temporary and permanent BTDs. Among other findings, they report that BTDs are disproportionately concentrated among the largest companies (Mills et al., 2002), and greater in the financial and information industries (Plesko, 2002). Furthermore, the determinants of BTDs include tax planning, earnings management behavior, and changes in financial accounting rules (Seidman, 2010), as well as changes in firm-level sales and the level of property, plant and equipment in a given firm (Manzon and Plesko, 2002).
Future research in earnings management
To summarize, a consistent pattern emerges from the extant research on earnings management: Firms use the tax accounts to manage earnings to meet analysts’ forecasts but not to manage towards other goals. Although this field has reached some maturity, a number of issues remain unresolved. The remainder of this section highlights eight unresolved research questions.
First, it is somewhat unclear why managers would not use the tax accounts to meet or beat prior earnings. In the survey by Graham et al. (2005), managers report that prior period earnings are an important benchmark. It is worth noting, however, that while 85.1% of surveyed executives indicated that EPS from the same quarter in the prior year is an important benchmark, only 54.2% responded that previous quarter EPS was an important benchmark. Thus,
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