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Persia
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Joined: 12 Feb 2009
Location: Bahrain
Online Status: Offline
Posts: 26

Posted: 20 Sep 2010 at 17:19 \| IP Logged

There are 4 basic temporary difference, which reverse in future period

	Taxable Income	When	GAAP Income	Sequence	Results	Examples	Mnomonic
Revenue & Gain	Included in	After	Included here	1st include in GAAP then in Tax	Deferred Tax Liability	I - Installment Sales C - Contractors Acctg (% v. Completed) E - Equity Method	ICE
Revenue & Gain	Included in	before	Included here	1st include in Tax then in GAAP	Deferred Tax Assets	I - Prepaid Interest R - Prepaid Rent R - Prepaid Royality	IRR or Internal Rate of Return

	Taxable Income	When	GAAP Income	Sequence	Results	Examples
Expenses & Loss	Excluded from	After	Excluded from	1st GAAP then Tax	Deferred Tax Assets	B - Bad Debt E - Estimated liability/Warranty expense ST - Startup Cost	BEST
Expenses & Loss	Excluded from	before	Excluded from	1st Tax then GAAP	Deferred Tax Liability	P - Prepaid Expense A - Amortization of franchise D - Depreciation Expense	Mouse PAD

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