Deferred Tax Asset & Deferred Tax Liability | Intermediate Accounting CPA Exam FAR
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- čas přidán 6. 09. 2024
- In this session, I explain deferred tax asset and liability. A deferred tax asset is an item on the balance sheet that results from overpayment or advance payment of taxes. Deferred tax asset is the opposite of a deferred tax liability, which represents income taxes owed. Deferred tax asset and liability is covered on the CPA exam. Farhat Lectures can teach you deferred tax asset and liability.
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This is an introduction to deferred tax assets and deferred tax liabilities.
In 1 hour you were able to help me understand a concept that neither my professor nor my (expensive) tutor could help me with. And you did it for free. I was struggling with a practice problem that I couldn't understand at all. After watching your video it makes perfect sense. I wish I had found you sooner! Thank you for putting this content out for us!
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I swear to God I would be so lost without your lectures!!! I really appreciate that you have updated the material to reflect the latest version of intermediate accounting book. please do not stop supporting student. I wish your life gets happier and easier just like you have made mine!
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Antonmursid🙏🙏
Antonmursid🇮🇩🔄🙏🙏🙏
Struggled with it for past two weeks and understood everything in an hour wow. Thank you so much Professor for doing this video and saving me from finals. God bless you. Thank you once again.
Take a look at my intermediate accounting courses: farhatlectures.pathwright.com/library/?category=Intermediate%2520Accounting
PROFESSOR FARHAT YOU'RE A LIFESAVER. I APPRECIATE YOU AND YOUR VIDEOS SO MUCCCHHHH!
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This was extremely helpful, I wish id found you at the beginning of this semester. Thank you!
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I won't survive Intermediate Accounting course with out your video's. You are the best! Thanks!
Most welcome. Here's my intermediate accounting resources: farhatlectures.pathwright.com/library/by/category/intermediate-accounting/
You should start cpa review course, you’re way better than becker
Than becker professors
I do have supplemental material for the CPA exam.You are most welcome. Please subscribe and share.
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I really can't describe to you how much you have helped me in the past hour. I have been able to work the problems in class just cause I can memorize basically anything I see. That isn't learning or understanding. I just could not understand what I was doing at all. This hour long video has spelled it out so simply. You the man. Thank you so much.
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It must have been a blessed day when you decided to teach via youtube!! Thankyou Professor! :)
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Hi Prof Farhat, I think there are some errors in the slide regarding Book vs. Tax Differences. Shouldn't the tax rate, which is 20%, be the same under both GAAP Reporting and Tax Reporting? Why is the tax rate under Tax Reporting 40%? And you even said "$40,000 times 40% is $8,000", which I think is incorrect.
I think now the corporate tax rate is 20%, so probably the IRS rate in slide should be changed to 20% instead 40%
Antonmursid🙏🙏🙏🙏🙏✌🇮🇩🇮🇩🇮🇩🇮🇩🇮🇩✌👌💝🙏👋🙏
Correction: for tax purposes the rate is 20 percent not 40. Thank you! The illustration shows 40 but computing the numbers, it is 20 percent.
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next monday is my CMA exam and i started to freak out of confusion, you sir! are awesome, now i feel clear
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@Monayism yup got 410🎉
Thank you for your lecture, you make it so easy to understand.
Thanks you so much much , help me understand concept much more easy 😃🥰
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Great video. Easy to understand. I finally understand more on dta and dtl
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Can you please explain why in Columbia corporation question, you have added the deductible difference to pretax financial income of of 200 000 to arrive at taxable income. While in another illustration on defer tax liability (in this video) you had subtracted the temporary differences to arrive at taxable income. How do we know when to add or subtract.
Nice Lecture.... Very easy to understand with helpful examples.... Thank you..... 👍👍
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Thanks you for this wonderful video - crisp and clear.
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Sorry, is it in the US that AR is not included in the tax calculation, because in Canada, the revenue from AR needs to be included in the revenue to calculate tax.
Much better than Becker.Thanks.
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Good example
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Best lecture....
Thank you. Here's my intermediate accounting resources:
farhatlectures.pathwright.com/library/?category=Intermediate+Accounting
Why would the Income Tax Expense considered a plug when we know the expense amount from the F/S? The difference seems more like a plug.
Terri Gordi I was wondering this also
Income tax payable is also the current tax expense adding the prior deferred tax liability, so "plugging" into the amount or the "residual" is to be charged on the Income Tax Expense. Remember, this is a subsequent entry to account for prior deferred tax charges plus current tax charges so Income Tax Expense are just computed as residual for convenience purposes.
thankyou for the explanation, help me alot! anyway id like to ask you on tax reporting in the beginning. isnt it should be income tax payable not income tax expense?
Thank you, sir! The content is really helpful!!!!
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Great video, thanks!
Glad you liked it! Please tale a look at my intermediate accounting courses: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting
Thanks for making our life easier
Thank you and please visit the website for more farhatlectures.com/
wonderfully articulated video (y). nice work
You are most welcome. Please subscribe and share.
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In 28:25 when you are making the entry for 2021 why you are not writing deffered tax asset instead of deferred tax liability. What I understood that if income tax payable is more than income tax expense in the income statement therefore we have deffered tax asset.
Mansh Allah. Thank u
Most welcome. Please tale a look at my intermediate accounting courses: farhatlectures.pathwright.com/library/?category=Intermediate%2520Accounting
Thank You!!!
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Thanks a million Prof Farhat!
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This is a great video thank you so much prof
Thank you and please visit the website for more farhatlectures.com/
Our company is in the process of purchasing a new building and selling an old one . We have some legal fees that we are paying. I am confused which ones are deferred bond financing cost asset and which one is deferred financing cost liability. Can you recommend lecture regarding this topics? I am not a CPA, but I am ready to subscribe to your course. Do you have you an explanation for Deferred Bod Financing Cost assets vs liability ?
Thank you soo much for making it simple
Please take a look at my website for more resources: farhatlectures.com/
Thank you for simplifying this topic. Great explanation! Please keep making more videos on CPA topics
Thank you, I will. Please take a took at my FAR resources: farhatlectures.pathwright.com/library/?category=CPA+Exam+FAR
Thank you for your video, it is very very knowledgeable; however, I am struggling of how should I record NOL of our company and carryover of the tax loss? Our company never had profit yet. Should I record the tax asset? Should I credit tax expense ? No tax income payable? Or should I debit tax payable? 🤯🤯🤯Please, help🙏🙏🙏, Thank you!
Im lost in why in the minute 36, we are using the difference of 55,000 as taxable income for 2021. What about the income reported in the financial statement in those years?
I believe it’s because you already took the deduction in 2020 so now in 2021 you need to depreciate the item they took the deduction for...
Thank you, extremely helpful !
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What if the tax rate changes between years - does that not throw off the balance?
Assalamualaikum. Respected Sir, I just subscribed your channel. Currently, I am pursuing FAR with PwC but because of time management issues still struggling to start studying properly. What to do and manage the cpa study with full time work routine?
Antonmursid🙏🙏
Hi professor. Thank you so much for this video and for your time and dedication. You provide more help and instruction than my own teachers. Can you please explain how $40,000 x 40%= $8,000? Performing that calculation, I get $16,000. I'm also not seeing the difference between the income tax calculations between GAAP and Tax reporting. Thanks in advance [timestamp 9:05].
Is it same the standards used now?
Thx btw mt
Glad it was helpful! Most welcome! Please take a look at my intermediate accounting courses:
farhatlectures.pathwright.com/library/by/category/intermediate-accounting/
where can we get these slides
Sure. You can find here: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting
thank you
why are you not showing all three financial statements. very confusing.
Antonmursid🙏✋
$40,000 * 40% is not 8,000
For whatever reason the rate is wrong on that slide. It's supposed to be 20%. You can tell because all the other numbers check out with 20% rate
That was killing me too lol but I guess it’s more about the concept rated than amounts
rate applied 20%