FISCAL AND ACCOUNTING OPTIONS AND POLICIES ON TAX RESULT

Alice Ţînţă ()
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Alice Ţînţă: Romanian-American University, Bucharest, Romania

Journal of Information Systems & Operations Management, 2016, vol. 10, issue 1, 98-107

Abstract: According to international accounting standards (IAS 12 Income taxes), income tax includes all domestic and foreign taxes which are based on taxable profits. Meanwhile, income taxes include withholding taxes that are paid by a subsidiary, associate or joint venture on distributions to a reporting entity . The main problem that arises in accounting income taxes is the way current and future tax consequences of recovery, future liquidation, or book value of assets/liabilities are accounted for, that are recognized in the balance sheet of a company and the transactions and other events of the current period that are recognized in an entity's financial statements. When it is probable that recovery or settlement of an asset or liability will result in future tax payments smaller or larger than their value, then the recovery or settlement would have no tax consequences, so the company must recognize either a deferred tax liability or a deferred tax asset.

Date: 2016
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