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Statement of Financial Accounting Standards No.109：Accounting for Income Taxes
FAS 109：Accounting for Income Taxes
FAS 109 Summary
This Statement establishes financial accounting and reporting standards for the effects of income taxes that result from an enterprise's activities during the current and preceding years.It requires an asset and liability approach for financial accounting and reporting for income taxes.This Statement supersedes FASB Statement No.96,Accounting for Income Taxes,and amendsor supersedes other accounting pronouncements listed in Appendix D.
Objectives of Accounting for Income Taxes
The objectives of accounting for income taxes are to recognize(a)the amount of taxes payable or refundable for the current year and(b)deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an enterprise's financial statements or tax returns.
Basic Principles of Accounting for Income Taxes
The following basic principles are applied in accounting for income taxes at the date of the financial statements:
a.A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year.
b.A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards.
c.The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law;the effects of future changes in tax laws or rates are not anticipated.
d.The measurement of deferred tax assets is reduced,if necessary,by the amount of any tax benefits that,based on available evidence,are not expected to be realized.
Temporary Differences
The tax consequences of most events recognized in the financial statements for a year are included in determining income taxes currently payable.However,tax laws often differ from the recognition and measurement requirements of financial accounting standards,and differences can arise between(a)the amount of taxable income and pretax financial income for a year and (b)the tax bases of assets or liabilities and their reported amounts in financial statements.
APB Opinion No.11,Accounting for Income Taxes,used the term timing differences for differences between the years in which transactions affect taxable income and the years in which they enter into the determination of pretax financial income.Timing differences create differences(sometimes accumulating over more than one year)between the tax basis of an asset
or liability and its reported amount in financial statements.Other events such as business combinations may also create differences between the tax basis of an asset or liability and its reported amount in financial statements.All such differences collectively are referred to as temporary differences in this Statement.
Deferred Tax Consequences of Temporary Differences
Temporary differences ordinarily become taxable or deductible when the related asset is recovered or the related liability is settled.A deferred tax liability or asset represents the increase or decrease in taxes payable or refundable in future years as a result of temporary differences and carryforwards at the end of the current year.
Deferred Tax Liabilities
A deferred tax liability is recognized for temporary differences that will result in taxable amounts in future years.For example,a temporary difference is created between the reported amount and the tax basis of an installment sale receivable if,for tax purposes,some or all of the gain on the installment sale will be included in the determination of taxable income in future years.Because amounts received upon recovery of that receivable will be taxable,a deferred tax liability is recognized in the current year for the related taxes payable in future years.
Deferred Tax Assets
A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years and for carryforwards.For example,a temporary difference is created between the reported amount and the tax basis of a liability for estimated expenses if,for tax purposes,those estimated expenses are not deductible until a future year.Settlement of that liability will result in tax deductions in future years,and a deferred tax asset is recognized in the current year for the reduction in taxes payable in future years.A valuation allowance is recognized if,based on the weight of available evidence,it is more likely than not that some portion or all of the deferred tax asset will not be realized.
Measurement of a Deferred Tax Liability or Asset
This Statement establishes procedures to(a)measure deferred tax liabilities and assets using a tax rate convention and(b)assess whether a valuation allowance should be established for deferred tax assets.Enacted tax laws and rates are considered in determining the applicable tax rate and in assessing the need for a valuation allowance.
All available evidence,both positive and negative,is considered to determine whether, based on the weight of that evidence,a valuation allowance is needed for some portion or all of a deferred tax asset.Judgment must be used in considering the relative impact of negative and positive evidence.The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified.The more negative evidence that exists(a)the more positive evidence is necessary and(b)the more difficult it is to support a conclusion that a valuation allowance is not needed.
Changes in Tax Laws or Rates
This Statement requires that deferred tax liabilities and assets be adjusted in the period of enactment for the effect of an enacted change in tax laws or rates.The effect is included in income from continuing operations.
Effective Date
This Statement is effective for fiscal years beginning after December 15,1992.Earlier application is encouraged.
INTRODUCTION
1.This Statement addresses financial accounting and reporting for the effects of income taxes 1 that result from an enterprise's activities during the current and preceding years.
2.FASB Statement No.96,Accounting for Income Taxes,which was issued in December 1987,superseded APB Opinion No.11,Accounting for Income Taxes.The effective date of Statement 96 was delayed to fiscal years that begin after December 15,1992.In March 1989, the Board began consideration of requests to amend Statement 96 to(a)change the criteria for recognition and measurement of deferred tax assets and various other requirements of Statement 96 and(b)reduce complexity.This Statement is the result of that reconsideration.
STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING
Scope
3.This Statement establishes standards of financial accounting and reporting for income taxes that are currently payable and for the tax consequences of:
a.Revenues,expenses,gains,or losses that are included in taxable income of an earlier or later year than the year in which they are recognized in financial income
b.Other events that create differences between the tax bases of assets and liabilities and their
amounts for financial reporting
c.Operating loss or tax credit carrybacks for refunds of taxes paid in prior years and carryforwards to reduce taxes payable in future years.
This Statement supersedes Statement 96 and supersedes or amends other accounting pronouncements listed in Appendix D.
4.The principles and requirements of this Statement are applicable to:
a.Domestic federal(national)income taxes(U.S.federal income taxes for U.S.enterprises) and foreign,state,and local(including franchise)taxes based on income
b.An enterprise's 2 domestic and foreign operations that are consolidated,combined,or accounted for by the equity method
c.Foreign enterprises in preparing financial statements in accordance with U.S.generally accepted accounting principles.
5.This Statement does not address:
a.The basic methods of accounting for the U.S.federal investment tax credit(ITC)and for foreign,state,and local investment tax credits or grants(The deferral and flow-through methods as set forth in APB Opinions No.2 and No.4,Accounting for the“Investment Credit,”continue to be acceptable methods to account for the U.S.federal ITC.)
b.Discounting(Paragraph 6 of APB Opinion No.10,Omnibus Opinion—1966,addresses that subject.)
c.Accounting for income taxes in interim periods(other than the criteria for recognition of tax benefits and the effect of enacted changes in tax laws or rates and changes in valuation allowances.(APB Opinion No.28,Interim Financial Reporting,and other accounting pronouncements address that subject.)
Objectives and Basic Principles
6.One objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year.A second objective is to recognize deferred tax liabilities and assets for the future tax consequences of events 3 that have been recognized in an enterprise's financial statements or tax returns.
7.Ideally,the second objective might be stated more specifically to recognize the expected future tax consequences of events that have been recognized in the financial statements or tax returns.However,that objective is realistically constrained because(a)the tax payment or refund that results from a particular tax return is a joint result of all the items included in that return,(b)taxes that will be paid or refunded in future years are the joint result of events of the current or prior years and events of future years,and(c)information available about the future is limited.As a result,attribution of taxes to individual items and events is arbitrary and,except in the simplest situations,requires estimates and approximations.
8.To implement the objectives in light of those constraints,the following basic principles (the only exceptions are identified in paragraph 9)are applied in accounting for income taxes at the date of the financial statements:
a.A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year.
b.A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards.
c.The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law;the effects of future changes in tax laws or rates are not anticipated.
d.The measurement of deferred tax assets is reduced,if necessary,by the amount of any tax benefits that,based on available evidence,are not expected to be realized.
9.The only exceptions in applying those basic principles are that this Statement:
a.Continues certain exceptions to the requirements for recognition of deferred taxes for the areas addressed by APB Opinion No.23,Accounting for Income Taxes—Special Areas,as amended by this Statement(paragraphs 31-34)
b.Provides special transitional procedures for temporary differences related to deposits in statutory reserve funds by U.S.steamship enterprises(paragraph 32)
c.Does not amend accounting for leveraged leases as required by FASB Statement No.13, Accounting for Leases,and FASB Interpretation No.21,Accounting for Leases in a Business Combination(paragraphs 256-258)
d.Prohibits recognition of a deferred tax liability or asset related to goodwill(or the portion thereof)for which amortization is not deductible for tax purposes(paragraph 30)
e.Does not amend Accounting Research Bulletin No.51,Consolidated Financial Statements, for income taxes paid on intercompany profits on assets remaining within the group,and prohibits recognition of a deferred tax asset for the difference between the tax basis of the assets in the buyer's tax jurisdiction and their cost as reported in the consolidated financial statements
f.Prohibits recognition of a deferred tax liability or asset for differences related to assets and liabilities that,under FASB Statement No.52,Foreign Currency Translation,are remeasured from the local currency into the functional currency using historical exchange rates and that result from(1)changes in exchange rates or(2)indexing for tax purposes.
Temporary Differences
10.Income taxes currently payable4 for a particular year usually include the tax consequences of most events that are recognized in the financial statements for that year.However,because tax laws and financial accounting standards differ in their recognition and measurement of assets,liabilities,equity,revenues,expenses,gains,and losses,differences arise between:
a.The amount of taxable income and pretax financial income for a year
b.The tax bases of assets or liabilities and their reported amounts in financial statements.
11.An assumption inherent in an enterprise's statement of financial position prepared in accordance with generally accepted accounting principles is that the reported amounts of assets and liabilities will be recovered and settled,respectively.Based on that assumption,a difference between the tax basis of an asset or a liability and its reported amount in the statement of financial position will result in taxable or deductible amounts in some future year(s)when the reported amounts of assets are recovered and the reported amounts of liabilities are settled.Examples follow:
a.Revenues or gains that are taxable after they are recognized in financial income.An asset (for example,a receivable from an installment sale)may be recognized for revenues or gains that will result in future taxable amounts when the asset is recovered.
b.Expenses or losses that are deductible after they are recognized in financial income.A liability(for example,a product warranty liability)may be recognized for expenses or losses that will result in future tax deductible amounts when the liability is settled.
c.Revenues or gains that are taxable before they are recognized in financial income.A liability(for example,subscriptions received in advance)may be recognized for an advance payment for goods or services to be provided in future years.For tax purposes,the advance payment is included in taxable income upon the receipt of cash.Future sacrifices to provide goods or services(or future refunds to those who cancel their orders)will result in future tax deductible amounts when the liability is settled.
d.Expenses or losses that are deductible before they are recognized in financial income.The cost of an asset(for example,depreciable personal property)may have been deducted for tax purposes faster than it was depreciated for financial reporting.Amounts received upon future recovery of the amount of the asset for financial reporting will exceed the remaining tax basis of the asset,and the excess will be taxable when the asset is recovered.
e.A reduction in the tax basis of depreciable assets because of tax credits.5 Amounts received upon future recovery of the amount of the asset for financial reporting will exceed the remaining tax basis of the asset,and the excess will be taxable when the asset is recovered.
f.ITC accounted for by the deferral method.Under Opinion 2,ITC is viewed and accounted for as a reduction of the cost of the related asset(even though,for financial statement presentation,deferred ITC may be reported as deferred income).Amounts received upon future recovery of the reduced cost of the asset for financial reporting will be less than the tax basis of the asset,and the difference will be tax deductible when the asset is recovered.
g.An increase in the tax basis of assets because of indexing whenever the local currency is the functional currency.The tax law for a particular tax jurisdiction might require adjustment of the tax basis of a depreciable(or other)asset for the effects of inflation.The inflation-adjusted tax basis of the asset would be used to compute future tax deductions for depreciation or to compute gain or loss on sale of the asset.Amounts received upon future recovery of the local currency historical cost of the asset will be less than the remaining tax basis of the asset,and the difference will be tax deductible when the asset is recovered.
h.Business combinations accounted for by the purchase method.There may be differences between the assigned values and the tax bases of the assets and liabilities recognized in a business combination accounted for as a purchase under APB Opinion No.16,Business Combinations.Those differences will result in taxable or deductible amounts when the reported amounts of the assets and liabilities are recovered and settled,respectively.
12.Examples(a)-(d)in paragraph 11 illustrate revenues,expenses,gains,or losses that are included in taxable income of an earlier or later year than the year in which they are recognized in pretax financial income.Those differences between taxable income and pretax financial income also create differences(sometimes accumulating over more than one year)between the tax basis of an asset or liability and its reported amount in the financial statements.Examples (e)-(h)in paragraph 11 illustrate other events that create differences between the tax basis of an asset or liability and its reported amount in the financial statements.For all eight examples,the differences result in taxable or deductible amounts when the reported amount of an asset or liability in the financial statements is recovered or settled,respectively.
13.This Statement refers collectively to the types of differences illustrated by those eight examples and to the ones described in paragraph 15 as temporary differences.Temporary differences that will result in taxable amounts in future years when the related asset or liability is recovered or settled are often referred to in this Statement as taxable temporary differences (examples(a),(d),and(e)in paragraph 11 are taxable temporary differences).Likewise, temporary differences that will result in deductible amounts in future years are often referred to as deductible temporary differences(examples(b),(c),(f),and(g)in paragraph 11 are deductible temporary differences).Business combinations accounted for by the purchase method(example(h))may give rise to both taxable and deductible temporary differences.
14.Certain basis differences may not result in taxable or deductible amounts in future years when the related asset or liability for financial reporting is recovered or settled and,therefore, may not be temporary differences for which a deferred tax liability or asset is recognized.One example under current U.S.tax law is the excess of cash surrender value of life insurance over premiums paid.That excess is a temporary difference if the cash surrender value is expected to be recovered by surrendering the policy,but is not a temporary difference if the asset is expected to be recovered without tax consequence upon the death of the insured(there will be no taxable amount if the insurance policy is held until the death of the insured).
15.Some temporary differences are deferred taxable income or tax deductions and have balances only on the income tax balance sheet and therefore cannot be identified with a particular asset or liability for financial reporting.That occurs,for example,when a long-term contract is accounted for by the percentage-of-completion method for financial reporting and by the completed-contract method for tax purposes.The temporary difference(income on the contract)is deferred income for tax purposes that becomes taxable when the contract is completed.Another example is organizational costs that are recognized as expenses when incurred for financial reporting and are deferred and deducted in a later year for tax purposes.In both instances,there is no related,identifiable asset or liability for financial reporting,but there is a temporary difference that results from an event that has been recognized in the financial statements and,based on provisions in the tax law,the temporary difference will result in taxable or deductible amounts in future years.