Tax Accounting

  • Reference: CN-241-E

  • Number of pages: 11

  • Publication Date: May 2, 2016

  • Source: IESE (España)

  • Type of Document: Technical Note

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Description

Firms pay multiple types of taxes: property taxes, value added taxes, municipal taxes, etc. Note CN 14007, "Accounts Receivable Valuation," explained how to account for value added taxes. Other taxes, such as property taxes, are just an expense that firms recognize when they are due. However, corporate income taxes are not so straightforward and deserve a specific note. The goal of this note is to explain how to account for corporate income taxes and provide enough intuition to understand firms' tax disclosures.

Learning Objective

Firms pay multiple types of taxes: property taxes, value added taxes, municipal taxes, etc. Note CN 14007, "Accounts Receivable Valuation," explained how to account for value added taxes. Other taxes, such as property taxes, are just an expense that firms recognize when they are due. However, corporate income taxes are not so straightforward and deserve a specific note. The goal of this note is to explain how to account for corporate income taxes and provide enough intuition to understand firms' tax disclosures.

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Keywords

Accounting Financial accounting financial reporting Financial statements