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1、Under the new guidelines improve the corporate income tax accounting Countermeasures Abstract: The new income tax accounting standards, guidelines in relation to the old system is improved a lot, however, we found that in the comparative analysis between the old and the new income guidelines, there
2、are many differences. Therefore, from the old and new guidelines on accounting for income taxes start with a comparative analysis, discussed in detail under the new guidelines to further improve the corporate income tax accounting solutions. Key words: new criteria; corporate income tax; accounting;
3、 1, old and new accounting standards on accounting in the corporate income tax comparison Corporate Income Tax Accounting The key is to identify assets, liabilities of the tax base, and according to the book value of assets and liabilities and the tax base to confirm the size of the deductible tempo
4、rary differences or taxable temporary differences, and thus the recognition of deferred income tax assets or the deferred income tax liabilities, on this basis, income tax expense recognized.Which,Need to focus on is the,New corporate accounting standards in relation to the old accounting standards
5、for the,Accounting methods have made considerable changes in,Embodied in the following aspects. 1. Proposed the concept of tax base The new accounting standards in accounting using only the balance sheet liability method, and to asset / liability concept as income to determine the theory part of the
6、 tax difference between the source and the accounting standards and tax law recognized the amount of assets and liabilities inconsistent. The new income tax accounting for assets and liabilities of the introduction of the concept of tax base and provides businesses access to assets or liabilities sh
7、ould be based on assets, liabilities and tax accounting differences between tax basis to confirm. This follow-up accounting for the recognition of deferred income tax laid the foundation for the project. 2. A different accounting method The old income tax accounting there are two recognized methods,
8、 namely, the balance sheet and revenue costs of an affirmation is an affirmation. The provisions of the new accounting standards using only the balance sheet liability method in accounting methods, according to this approach, companies should be based on assets and liabilities and their tax basis bo
9、ok value of deductible temporary difference arising from taxable temporary differences or differences, and then estimate the future periods or should be paid to offset temporary differences in the balance sheet liability method, on the way to confirm the relevant deferred income tax assets or deferr
10、ed income tax liabilities, and finally determined on the basis of the income statement each period of Income tax expenses, which accounting method is more in line with modern business development needs. 3. Deferred tax assets (liabilities) of the recognition and measurement differences The new incom
11、e tax accounting provisions, deferred tax assets (liabilities) recognized the general principle as follows: assets, liabilities, book value of its tax base differences that may be deductible temporary differences, and in the estimated future periods to obtain sufficient taxable income amount for the
12、 use of the deductible temporary differences, it should probably get used to offset deductible temporary differences of the amount of taxable income limit, confirming that the underlying deferred tax assets. Deferred income tax liabilities and deferred income tax assets recognized principle of recog
13、nition of the principle is similar. Secondly, the measurement of deferred tax assets on the applicable tax rate for the confirmation, the new income guidelines to require enterprises to deferred income tax assets in the confirmation, should be estimated and deductible temporary differences related t
14、o reversal of time, using back during the applicable income tax rate is calculated on the basis set; for the recognition of impairment of assets, the guidelines provide for the balance sheet date, companies should be the book value of deferred tax assets for review. If the enterprise book value of d
15、eferred tax asset impairment exists, follow-up period should be based on the new business environment and judged able to generate sufficient taxable income the amount of deductible temporary differences can be used to make the deferred tax assets can be included in the economic interests of to achie
16、ve, should be the appropriate reply to the book value of deferred tax assets. The measurement of deferred income tax liabilities and deferred income tax assets, just the principle of a similar measure, ways the opposite. 4. More simplified calculation of deferred income tax In accordance with the pr
17、ovisions of the new guidelines for corporate income tax, business should be recognized deferred tax assets and deferred income tax liabilities in the end the amount due is relative to the amount of the original has confirmed that the difference between the terms of, meaning that the deferred income
18、tax assets and deferred income tax liabilities of the amount of the current period, compared to the old system, accounting methods, the calculation method is more simple, that is to use publicity is expressed as: = Current deferred income tax Deferred income tax liabilities of the increase in curren
19、t deferred income tax assets reduction - the reduction in current deferred income tax liabilities - current deferred income tax assets increased. Second, the income tax accounting method under the new guidelines for example, analysis of For example, the sea company a listed company, January 1, 2007
20、Deferred tax assets (all Provision for decline in value of inventory items) to 33 million, deferred income tax liabilities (all for trading financial assets, changes in fair value of the project ) is 16.5 million, corporate income tax rate applicable to 33%. According to the 2007 enactment of the ne
21、w tax law, since January 1, 2008 onwards, the companys applicable income tax rate change to 25%. The companys 2007 total profit of 5000 million, accounting for income taxes related to transactions or events is as follows: (1) January 1, 2007, to a 0.4327 million from the securities purchased the sam
22、e day issued a three-year maturity bond principal repayments and interest payments each year. The face amount of bonds 1 000 million, a nominal interest rate is 6%, the actual interest rate is 5%. Sea Company, as the bonds held-to-maturity investments accounting; tax law, national debt interest inco
23、me exempt from income tax. (2) January 1, 2007 at 2 0 million yuan from the date purchased securities issued by a five-year maturity corporate bonds pay interest each year payback. The face amount of bonds, 2000 million, a coupon rate of 5%, the actual interest rate of 5%. Sea Company as held-to-mat
24、urity investments accounting; tax law, corporate bonds, interest income was required to pay income tax. (3) November 23, 2006, the company purchased an ocean management equipment, such as payment of the purchase price totaling 1500 million, December 30, the equipment has been installed to achieve th
25、e expected usable condition. Sea company expects the device life span of five years, the estimated net residual value is zero, using the sum of years of depreciation method; tax provisions that allow for use of the average number of years of depreciation accrual of such fixed assets depreciable life
26、 of five years, assuming that the sea The device companys estimated net residual value of the complex tax laws. (4) June 20, 2007, the sea for contravention of the provisions of tax imposed by the tax authorities fined 100,000 yuan, a fine is not paid; tax law, companies in violation of national law
27、s and regulations do not allow the fine paid by pre-tax deduction. (5) October 5, 2007, the sea since the stock market the company bought a certain stock; pay the price of 2 million yuan (assuming without regard to transaction costs). The sea, the company shares as available for sale financial asset
28、s accounting. December 31, the stocks fair value of 1.5 million yuan. Assume that tax law, financial assets held for sale during the changes in fair value of the amount and impairment losses are not included in taxable income until the sale should be included in taxable income. (6) December 10, 2007
29、, the sea was B Company filed a lawsuit seeking damages for failure to fulfill the contract of its economic losses. December 31, the lawsuit has not yet concluded. The sea is likely to pay the company expects the amount of 100 million; The act provides that the actual loss of the action occurs to al
30、low pre-tax deduction. (7) The 2007 provision for product quality assurance 1.60 million in actual warranty costs 800,000 yuan. (8) in 2007 did not decline in value of inventory changes occurred. (9) is not a transaction occurring in 2007 financial assets change in fair value of the project. The sea
31、 during the company expects in the future there is sufficient taxable income used to offset deductible temporary differences. Resolution: (1) Under the new income guidelines, the seas 2007 taxable income and the income tax payable as follows: Taxable income = 5000-52.16 20010100160-80 = 5337.84 (100
32、00) Actual Interest = 1043.27 5% = 52.16; accounting for depreciation = 1500 5 / 15 = 500; tax depreciation = 1500 / 5 = 300, the difference is 200; Tax payable = 5337.84 33% = 1761.49 (10000) (2) Sea Company in 2007 of the temporary differences are as follows: Book value = 1500-500 = 1000, tax base
33、 = 1500-300 = 1200, may be deductible temporary differences = 200; Book value = 150, tax base = 200, may be deductible temporary differences = 50; Book value = 100, tax base = 100-100 = 0, can be deductible temporary differences = 100; Book value = 80, the tax base = 80-80 = 0, can be deductible tem
34、porary difference = 80 (3) Therefore, the sea the company in 2007 should be recognized deferred income tax as follows: Deferred tax assets balance = (33/33% 200 50 100 80) 25% = 132.5 (10000); Deferred tax assets place volume = 132.5-33 = 99.5 (million) 25% = 12.5 (million) reposted elsewhere in the
35、 paper for free download :/ Deferred tax liabilities amount = 12.5-16.5 =- happened 4 (10000) Should be recognized deferred income tax =- (99.5-50 25%) -4 =- 91 (million) Income tax expense = 1761.49-91 = 1670.49 (10000) (4), the corresponding sea company recognized income tax expense in 2007 relate
36、d to accounting entries are: By: Income tax expense 1670.49 Deferred tax assets 99.5 Deferred income tax liabilities 4 Credit: payable tax - Tax payable 1761.49 Capital surplus 12.5 Third, improve the corporate income tax under the new guidelines on Accounting Measures 1. Mastered the balance sheet
37、liability method, the application of this accounting method The new income tax guidelines for using the balance sheet liability method completely replaced the old system, under the tax payable method, deferred method and a profit of three modalities of debt law, the accounting method used greatly en
38、hance the comparability of accounting information . Therefore, the enterprise accountants should focus on ways to strengthen the accounting application. On the one hand, enterprises should be based on conditions of the applicable tax laws, accurately define the balance sheet of the assets, liabiliti
39、es, tax basis for the project; on this basis, respectively, to determine the taxable temporary differences and deductible temporary differences, and thus calculate a companys deferred income tax expense. On the other hand, enterprises should make the handling of special cases, in strict accordance w
40、ith the provisions of the new guidelines to the confirmation of taxable temporary differences and taxable differences. 2. To strengthen the implementation of the new income guidelines for the supervision of supervision The implementation of the new income tax accounting standards require strict supe
41、rvision and management of the environment, or in the implementation of a very vulnerable to a sense of law, accounting personnel, lack of risk awareness and other issues. Therefore, the supervision and management departments on the one hand you want to update the corresponding means of supervision,
42、on the other, to strengthen social supervision, from finance and tax, and auditing departments of the business accounting of the quality inspection and supervision. In short, we must ensure that the financial officer the right to the full form of accounting, while ensuring that implementation of the
43、 guidelines of the rule of law. 3. Strengthen the financial and accounting personnel at the new income guidelines for the training of knowledge Change the criteria for a short time makes a lot of financial and accounting professionals may be no way to fully adjusted to look in the actual implementat
44、ion of the accounting income accounting operations will inevitably make some mistakes. Therefore, to strengthen corporate financial officers in respect of the balance sheet liability method, income tax accounting training methods will undoubtedly be effective to improve the new one way of accounting
45、 for income taxes. References: 1 Tian Xue-ming. The new income guidelines for the implementation of the problems and improvement measures J. Guizhou University of Technology, 2008, (4). 2 Xu Li. The new Enterprise Income Tax major changes in accounting standards and application of countermeasures J. Management observation, 2008, (5). 3 Zhao new. Accounting for income taxes under the new guidelines for treatment of analysis J. Shanxi Coal Management Institute, 2009, (1). Reposted elsewhere in the paper for free download :/
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