International Financial Statement Analysis – Taxes and Liabilities

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Objective – Question attached, please submit both word and excel file (if excel file is required)

INCOME TAXES

  1. Describe the differences between accounting profit and taxable income
  2. Explain how deferred tax liabilities and asset are created
  3. Explain how these liabilities and assets should be treated for financial analysis purposes.
  4. Calculate income tax expense, income taxes payable, deferred tax assets and deferred tax liabilities.
  5. Evaluate the impact of a tax rate change on a company’s financial statements and ratios
  6. Distinguish between temporary and permanent differences in accounting income and taxable income
  7. Explain recognition and measurement of current and deferred tax items
  8. Analyze the disclosures related to deferred tax items and how the information in those disclosures affect the financial statements and ratios of the company

LONG-TERM LIABILITIES

  1. Determine the initial recognition and measurement of bonds
  2. Calculate the interest expense, amortization of bond discount/premium and interest payments using the effective interest method
  3. Describe how debt covenants protect creditors
  4. Describe the financial statement presentation and disclosures related to debt
  5. Explain why a company might choose to lease an asset instead of purchasing it
  6. Distinguish between a capital lease and an operating lease from both the lessor’s and lessee’s perspectives
  7. Compare and contrast the disclosures related to capital and operating leases
  8. Compare the presentation and disclosure of defined contribution and defined benefit pension plans
  9. Calculate and interpret leverage and coverage ratios
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