LO6-01: Explain the conceptual underpinnings of accounting for temporary differences and the four-step method used to calculate income tax expense.
LO6-02: Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes.
LO6-03: Describe the types of temporary differences that cause deferred tax assets and determine the amounts needed to record periodic income taxes.
LO6-04: Describe when and how a valuation allowance is recorded for deferred tax assets.
LO6-05: Explain why permanent differences have no deferred tax consequences.
LO6-06: Explain how a change in tax rates affects the measurement of deferred tax amounts.
LO6-07: Describe when and how the tax effects of net operating losses are recognized in the financial statements.
LO6-08: Explain how deferred tax assets and deferred tax liabilities are reported in a classified balance sheet and describe related disclosures.
LO6-09: Demonstrate how to account for uncertainty in income tax decisions.
LO6-10: Explain intraperiod tax allocation.
LO6-11: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for income taxes.