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mmgcpa
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Joined: 26 Sep 2008
Location: United States
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Posts: 57

Posted: 30 Apr 2011 at 21:59 \| IP Logged

Do we always prefer to use enacted tax rate to calculate
the deferred income taxes?

I'm using Wiley book. In Mod. 14, MC# 11, p.462, if the
enacted tax rate is provided, we would use the "future"
enacted tax rate. However, when the enacted tax rate is not
provided, we simply use the 'current tax rate', such as MC#
13 p.462?

What do you think?

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maybe_cpa
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Joined: 13 Dec 2010
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Posted: 01 May 2011 at 12:22 \| IP Logged

I think you are correct. If the enacted tax rate is known, always use it for future periods. But if only the current rate is given, then I think we're to presume that the rate is not going to change.

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