At the end of each reporting period, chief accountants are responsible for the reporting and calculation of P&L. In the event of a negative financial result, difficulties may arise in meeting the requirements of PBU 18/02 "Accounting for Income Tax Calculations". In this case, it all depends on where the loss occurred: in tax or accounting.
Instructions
Step 1
Reflect the contingent income tax income in the event that the loss is received in both accounting and tax accounting. At the same time, a credit to account 99 is opened on the subaccount "Conditional income tax on profit" and a debit on account 68 "Calculations on income tax".
Step 2
The next step is to define the tax-deferred asset. Despite the fact that the loss of tax accounting is equal to the loss of the accounting one, this amount will still arise in the future after the write-off of expenses at the expense of income of subsequent periods. In this regard, a credit is opened on account 68 and a debit on account 09.
Step 3
Determine the amount of the loss that was generated in tax accounting, if profit was made in accounting. In this case, a conditional income tax expense is charged and reflected on the credit of account 68 and the debit of account 99 on the subaccount “Conditional income tax expense”.
Step 4
If different financial results are shown in tax and accounting, then temporary differences are calculated. The deferred tax liability is reflected on the credit of account 77 in correspondence with account 68, and the permanent tax liability on the credit of account 99. After that, the deferred tax asset is shown on the debit of account 09.
Step 5
Compare financial results of accounting and tax accounting. If in the first case a loss is shown, and in the second - profit, then a conditional income tax on profit is charged, which is reflected on the debit of account 68 and the credit of the corresponding sub-account of account 99.
Step 6
After that, calculate the deferred tax asset and the permanent tax liability, which are reflected in the credit of account 68 in correspondence with accounts 09 and 99, respectively.
Step 7
Complete the income statement and balance sheet based on the postings made. Thus, you will not only reflect the losses, but also fully comply with the requirements of PBU 18/02.
