Income Taxes F30-28b
What are the disclosures for income taxes?
- Current and deferred portions of income tax expense
- Any investment tax credits and other credits taken
- Benefits of operating tax loss carryforwards, remaining amounts, and expiration dates
- Government grants to the extent they are used to reduce income tax
- Adjustments to deferred tax accounts (and valuation allowance) as a result of a change in enacted tax rates or tax status of the firm
- Total of all deferred tax liabilities
- Total of all deferred tax assets
- Total valuation allowance recognized for deferred tax assets
- Net change in the valuation allowance
- Approximate tax effect of each type of temporary difference (and carryforward)
- Reconciliation of reported income tax expense on income from continuing operations, with the tax that would have resulted from applying the statutory tax rate to income from continuing operations.
- Any change in the tax status of the firm.
