22 May, 2008Presentation titlePage 35TEI – Introduction to Financial Reporting for Taxes Page 35 ASC 740 – Definitions ► Taxable income – The excess of taxable revenues over tax- deductible expenses and exemptions for the year, as defined by the governmental taxing authority ► Current tax expense/(benefit) – The amount of income taxes paid or payable (or refundable) for a year, as determined by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues ► Deferred tax expense/(benefit) – The change during the year in an enterprise's deferred tax liabilities and assets ► Permanent differences – Not specifically defined in ASC 740 ► In general, book-tax differences that increase or decrease current tax liabilities without any future tax implications affecting tax expense
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