Deferred tax: перевір свою англійську

Insert the appropriate word:

adjust        anticipate        applies        

arise      recognised     timing 

According to the provisions of the German Commercial Code, deferred taxes are to be calculated for all ________________ differences in the tax valuations and consolidated balance sheets. Deferred taxes can only be ________________ if future reversal is probable, i.e. we ________________ a company’s liquidation. Deferred tax assets on loss carryforwards may not be capitalised.

Under US GAAP, deferred taxes are provided for all temporary differences between the tax and consolidated balance sheets (temporary concept). The temporary concept also ________________ to quasi-permanent differences. Furthermore, under US GAAP deferred taxes are calculated for loss carryforwards and when we ________________ accounting and valuation. A valuation allowance is established when it is likely that the event for deferred tax assets will not ________________.

ANSWERS:

According to the provisions of the German Commercial Code, deferred taxes are to be calculated for all timing differences in the tax valuations and consolidated balance sheets. Deferred taxes can only be recognised if future reversal is probable, i.e. we anticipate a company’s liquidation. Deferred tax assets on loss carryforwards may not be capitalised.

Under US GAAP, deferred taxes are provided for all temporary differences between the tax and consolidated balance sheets (temporary concept). The temporary concept also applies to quasi-permanent differences. Furthermore, under US GAAP deferred taxes are calculated for loss carryforwards and when we adjust accounting and valuation. A valuation allowance is established when it is likely that the event for deferred tax assets will not arise.

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