答案和详解如下： Q10. Markham Inc. is a profitable non-U.S. firm that uses the LIFO inventory cost-flow assumption for tax purposes and the FIFO cost-flow assumption for financial statement purposes. When prices are declining, which of the following statements is most accurate regarding the deferred tax implications relating solely to the choice of inventory cost-flow assumptions? A) If a profitable firm uses LIFO for tax purposes and FIFO for financial statement reporting, a deferred tax liability will result. B) If a profitable firm uses LIFO for tax purposes and FIFO for financial statement reporting, a deferred tax asset will result. C) Neither IFRS nor U.S. GAAP allows firms to use different inventory cost-flow assumptions for tax purposes and financial statement purposes. Correct answer is B) Some jurisdictions allow companies to use different inventory cost-flow methods for financial statement purposes and for tax purposes. Where this is permissible (which is determined by each country’s tax laws, not by the accounting standard-setting bodies), temporary differences will arise. LIFO (tax): when prices are declining, the most recent (lower) prices are included in COGS. This results in a higher inventory value, and hence a higher tax base, compared to FIFO. FIFO (financial statements): when prices are declining, the oldest (higher) prices are included in COGS. This results in a lower inventory value, and hence a lower carrying value for financial statement purposes, compared to LIFO. Therefore, there is a deductible temporary difference since the higher tax base results in an excess of taxes payable over income tax expense. This gives rise to a deferred tax asset. | 
发表于 2009-1-19 11:07
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