泽稷教育今天将推出cfa笔记精华：二级所得税，主要说一下cfa二级所得税中的一些细节。
泽稷教育小编偷偷送给你一部CFA“葵花宝典” 快戳：CFA资料【百日通关宝典】+【常用公式汇总】+【解析音频】（同学们要留下真实信息以便小编发送哦~）
1. Reconciliation between the Effective and Statutory Tax Rates: 这个好烦，以前的报表分析中基本上税都是跳着看的，因为不懂。现在看了还是没有感性认识，再说了。
a) Effective tax rate = income tax expense / pretax income
b) When estimating future earnings and cash flows, the analyst should understand each element of the reconciliation, including its relative impacts, how each has changed with time, and how each is likely to change in the future. 这西往往是需要分析师从企业获取更多信息的，可当作调研的一部份。
c) In analyzing trends in tax rates, it is important to only include reconciliation items that are continuous in natures rather than those that are sporadic. 持续的有：different rates in different countries, tax-exempt income, non-deductible expense. 零散的有：the occurrence of large dollar amounts of asset sales, tax holiday savings.
2．Deferred liability对财务报表的影响：首先依然要解决项目性质归属问题，是负债还是权益？也就是上面的第6点。归纳起来就是这样三种情形：A. 如果这个Def. L不可能reverse的话（主要是因为固定资产的持续投入），就把它视为权益好了；B. 但是哪天公司放慢了投资，这个Def. L最终会reverse，那就应该把它视作真正的负债。C. 如果对于reversal的可能性根本就不清楚，或者分析师认为financial statement提的折旧不够，那他最好选择索性忽略这个Def. L。
新内容是：假设reversal会发生，那么将来必然有一笔现金流出，
reduction in future cash flow = deferred tax expense / statutory tax rate
taxable income = pretax income – deferred tax expense / statutory tax rate
Deferred asset对财务报表的影响：基本上跟Def. L的作用相反，如果分析师认为这个Def. A不可能reverse的话，那他应该同时减少以下科目: Deferred asset (net of the valuation allowance)、Income、Stockholders’ equity.
increase in future cash flow = deferred tax expense / statutory tax rate
taxable income = pretax income + deferred tax expense / statutory tax rate
3．Deferred liability/asset的产生一级里边都有讲过，Income tax disclosures需要多看几遍，factors influencing deferred taxes是一级的深化。看来重读一级是非常必要的，否则不知其所云的感觉真是痛苦。再次提到：the analyst’s goal is to determine whether the deferrals are appropriately classified as assets and liabilities on the balance sheet. This determination is based on whether the deferred assets and liabilities are actually expected to reverse in the future. 教程安排还是挺不错的，先是告诉你简单的处理，随后是复习、补充、深化。这种方式对于我这种天资一般的人来说还是颇为管用的。我喜欢每次懂多一点的欣喜， 很有层次感的收获。二级里边把处理方式归纳了一下：If deferred tax assets or liabilities are expected to reverse in the future, they are best classified as assets or liabilities respectively. 调整为现值的要求依然跟一级一样, Indefinite reversal那段话原封不动再次提起。If reversal is not expected, deferred tax assets are reduced by increasing the valuation allowance; deferred tax liabilities are removed from the balance sheet and the equity account is increased by the amount of the eliminated liability. 关于税率变动和公司持续购买固定资产导致无限推迟reverse等等内容跟一级一模一样。唯一增加的内容是Nonrucurring items对递延税项的影像。
4．Tax loss carryforward: the current net taxable loss that is used to reduce taxable income (thus, taxes payable) in future years. If future taxable income is assured, the loss carryforward is an asset. However, if future income is not assured, the loss carryforward is reduced by a valuation allowance.
5. PV: The difference between the stated value and the present value of deferred taxes should be treated as equity. 上面没懂的这句话L2通过一个例子让我明白了，原因就在于资产负债表右边的负债+权益并不因为递延负债的reclassification而增加/减少， 因为资产是一定的。那递延负债PV与账面价值的差额，只能加到权益里边去了。这些工作主要是分析师在进行financial ratio计算是做的调整。至于考试中，估计会让你分别计算unadjusted和adjusted的debt-to-equity ratio. 一般来说，如果把Def. L归为权益的话，负债率会降低，这个不难理解，负债减少了。
以上就是本次泽稷小编为同学们带来的的泽稷教育cfa笔记精华：二级所得税的全部信息了，同学们如果对于CFA考试还有什么疑问的话也可以直接向我们泽稷网校的老师进行提问》》点击咨询《《，老师们都会认真为你进行讲解的哦。
