Deferred Tax Asset & Deferred Tax Liability | Intermediate Accounting CPA Exam FAR

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Deferred Tax Asset & Deferred Tax Liability | Intermediate Accounting CPA Exam FAR

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Farhat Lectures. The # 1 CPA & Accounting Courses

4 жыл бұрын

In this session, I explain deferred tax asset and liability. A deferred tax asset is an item on the balance sheet that results from overpayment or advance payment of taxes. Deferred tax asset is the opposite of a deferred tax liability, which represents income taxes owed. Deferred tax asset and liability is covered on the CPA exam. Farhat Lectures can teach you deferred tax asset and liability.
Are you a CPA candidate or accounting student? Check my website for additional resources such exam questions and notes:farhatlectures...
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This is an introduction to deferred tax assets and deferred tax liabilities.

Пікірлер: 92

@zainabyousif557 3 жыл бұрын

I swear to God I would be so lost without your lectures!!! I really appreciate that you have updated the material to reflect the latest version of intermediate accounting book. please do not stop supporting student. I wish your life gets happier and easier just like you have made mine!

@AccountingLectures 3 жыл бұрын

You are most welcome. Please subscribe and share. If you want to access more resources, check my website: ✔farhatlectures.com/ ✔Instagram: @farhatlectures ✔ Linkedin: www.linkedin.com/in/professorfarhat/ ✔Facebook:@accountinglectures ✔Twitter: @farhatlectures 🎤Email: Mansour.farhat@gmail.com

@antonmursid3505 2 жыл бұрын

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@antonmursid3505 2 жыл бұрын

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@awarlockunkindlyborn1353 Жыл бұрын

In 1 hour you were able to help me understand a concept that neither my professor nor my (expensive) tutor could help me with. And you did it for free. I was struggling with a practice problem that I couldn't understand at all. After watching your video it makes perfect sense. I wish I had found you sooner! Thank you for putting this content out for us!

@AccountingLectures Жыл бұрын

Great to hear! Thank you and please visit the website for more farhatlectures.com/

@wangyewangye6991 3 жыл бұрын

Struggled with it for past two weeks and understood everything in an hour wow. Thank you so much Professor for doing this video and saving me from finals. God bless you. Thank you once again.

@AccountingLectures 3 жыл бұрын

Take a look at my intermediate accounting courses: farhatlectures.pathwright.com/library/?category=Intermediate%2520Accounting

@zahra.resource 3 жыл бұрын

PROFESSOR FARHAT YOU'RE A LIFESAVER. I APPRECIATE YOU AND YOUR VIDEOS SO MUCCCHHHH!

@AccountingLectures 3 жыл бұрын

@ManOfEarthAndNature Жыл бұрын

I really can't describe to you how much you have helped me in the past hour. I have been able to work the problems in class just cause I can memorize basically anything I see. That isn't learning or understanding. I just could not understand what I was doing at all. This hour long video has spelled it out so simply. You the man. Thank you so much.

@AccountingLectures Жыл бұрын

Thank you, really appreciated. Please visit the website for more farhatlectures.com/

@TD-sc8iv 3 жыл бұрын

I won't survive Intermediate Accounting course with out your video's. You are the best! Thanks!

@AccountingLectures 3 жыл бұрын

Most welcome. Here's my intermediate accounting resources: farhatlectures.pathwright.com/library/by/category/intermediate-accounting/

@RebekahReid 4 жыл бұрын

This was extremely helpful, I wish id found you at the beginning of this semester. Thank you!

@AccountingLectures 4 жыл бұрын

@vaishalisharma2369 4 жыл бұрын

It must have been a blessed day when you decided to teach via youtube!! Thankyou Professor! :)

@AccountingLectures 4 жыл бұрын

@accounting1016 4 жыл бұрын

You should start cpa review course, you’re way better than becker

@accounting1016 4 жыл бұрын

Than becker professors

@AccountingLectures 4 жыл бұрын

I do have supplemental material for the CPA exam.You are most welcome. Please subscribe and share. If you want to access more resources, check my website: farhatlectures.com/ Connect with me: Instagram Account: instagram.com/farhatlectures/ Linkedin: www.linkedin.com/in/professorfarhat/ Facebook: facebook.com/accountinglectures Twitter: twitter.com/farhatlectures Email: Mansour.farhat@gmail.com

@masterjiraiya348 3 жыл бұрын

next monday is my CMA exam and i started to freak out of confusion, you sir! are awesome, now i feel clear

@AccountingLectures 3 жыл бұрын

@masterjiraiya348 3 жыл бұрын

@Monayism yup got 410🎉

@ThuongPham-ys7ur 3 жыл бұрын

Thank you for your lecture, you make it so easy to understand.

@sarahsselflovelifestyle463 Жыл бұрын

Correction: for tax purposes the rate is 20 percent not 40. Thank you! The illustration shows 40 but computing the numbers, it is 20 percent.

@AccountingLectures Жыл бұрын

Please view the new new recordings: kzbin.info/www/bejne/anSvgaeOpL-Bd6M

@sophial1735 4 жыл бұрын

Hi Prof Farhat, I think there are some errors in the slide regarding Book vs. Tax Differences. Shouldn't the tax rate, which is 20%, be the same under both GAAP Reporting and Tax Reporting? Why is the tax rate under Tax Reporting 40%? And you even said "$40,000 times 40% is $8,000", which I think is incorrect.

@CJ-hn6ov 3 жыл бұрын

I think now the corporate tax rate is 20%, so probably the IRS rate in slide should be changed to 20% instead 40%

@antonmursid3505 2 жыл бұрын

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@pyoungboy89 4 жыл бұрын

Great video. Easy to understand. I finally understand more on dta and dtl

@AccountingLectures 4 жыл бұрын

@jithinmanohar1094 Жыл бұрын

Thanks you for this wonderful video - crisp and clear.

@AccountingLectures Жыл бұрын

Thank you and please visit the website for more farhatlectures.com/

@ngocnguyen-ek2jo 3 ай бұрын

Thanks you so much much , help me understand concept much more easy 😃🥰

@AccountingLectures 3 ай бұрын

Glad to hear that! Thank you and please visit the website for more farhatlectures.com/ Start your free trial!

@amalsalameh5920 Жыл бұрын

This is a great video thank you so much prof

@AccountingLectures Жыл бұрын

Thank you and please visit the website for more farhatlectures.com/

@peace2108 4 жыл бұрын

wonderfully articulated video (y). nice work

@AccountingLectures 4 жыл бұрын

You are most welcome. Please subscribe and share. If you want to access more resources, check my website: farhatlectures.com/ Connect with me: Instagram Account: instagram.com/farhatlectures/ Linkedin: www.linkedin.com/in/professorfarhat/ Facebook: facebook.com/accountinglectures Twitter: twitter.com/farhatlectures Email: Mansour.farhat@gmail.com

@rinkush2001 Жыл бұрын

Nice Lecture.... Very easy to understand with helpful examples.... Thank you..... 👍👍

@AccountingLectures Жыл бұрын

You are most welcome. Thanks. Please take a look at my website for additional resources: farhatlectures.com/

@lujin5616 4 жыл бұрын

Thank you, sir! The content is really helpful!!!!

@AccountingLectures 4 жыл бұрын

@shri2811 2 жыл бұрын

Thank you for simplifying this topic. Great explanation! Please keep making more videos on CPA topics

@AccountingLectures 2 жыл бұрын

Thank you, I will. Please take a took at my FAR resources: farhatlectures.pathwright.com/library/?category=CPA+Exam+FAR

@Dearmangooo 7 ай бұрын

Much better than Becker.Thanks.

@AccountingLectures 7 ай бұрын

Thank you and please visit the website for more farhatlectures.com/ Start your free trial! Contact me for more: LinkedIn: www.linkedin.com/in/professorfarhat Facebook: facebook.com/farhatlectures Instagram: instagram.com/farhatlectures/?hl=en Reddit: www.reddit.com/user/Farhatlectures

@rarerare88 4 жыл бұрын

Can you please explain why in Columbia corporation question, you have added the deductible difference to pretax financial income of of 200 000 to arrive at taxable income. While in another illustration on defer tax liability (in this video) you had subtracted the temporary differences to arrive at taxable income. How do we know when to add or subtract.

@manala5770 Жыл бұрын

Thanks for making our life easier

@AccountingLectures Жыл бұрын

Thank you and please visit the website for more farhatlectures.com/

@dr.suneelmaheshwariaccount2930 5 ай бұрын

Good example

@AccountingLectures 5 ай бұрын

You are welcome! Thank you and please visit the website for more farhatlectures.com/ Start your free trial!

@allusaccounting8036 2 жыл бұрын

Sorry, is it in the US that AR is not included in the tax calculation, because in Canada, the revenue from AR needs to be included in the revenue to calculate tax.

@arckimede2204 3 жыл бұрын

Great video, thanks!

@AccountingLectures 3 жыл бұрын

Glad you liked it! Please tale a look at my intermediate accounting courses: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting

@iUnnithan 2 жыл бұрын

Thank you soo much for making it simple

@AccountingLectures 2 жыл бұрын

Please take a look at my website for more resources: farhatlectures.com/

@RVC0902 2 жыл бұрын

Thanks a million Prof Farhat!

@AccountingLectures 2 жыл бұрын

Please connect with me: linktr.ee/farhatlectures

@mahtabuddin5386 3 жыл бұрын

Best lecture....

@AccountingLectures 3 жыл бұрын

Thank you. Here's my intermediate accounting resources: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting

@TheAccountant105 3 жыл бұрын

Mansh Allah. Thank u

@AccountingLectures 3 жыл бұрын

Most welcome. Please tale a look at my intermediate accounting courses: farhatlectures.pathwright.com/library/?category=Intermediate%2520Accounting

@antonmursid3505 2 жыл бұрын

Antonmursid🙏🙏

@terrigordi4270 4 жыл бұрын

Why would the Income Tax Expense considered a plug when we know the expense amount from the F/S? The difference seems more like a plug.

@danielkositzke7882 3 жыл бұрын

Terri Gordi I was wondering this also

@alegremohammadallem6993 3 жыл бұрын

Income tax payable is also the current tax expense adding the prior deferred tax liability, so "plugging" into the amount or the "residual" is to be charged on the Income Tax Expense. Remember, this is a subsequent entry to account for prior deferred tax charges plus current tax charges so Income Tax Expense are just computed as residual for convenience purposes.

@pasyamuhammad7961 3 жыл бұрын

thankyou for the explanation, help me alot! anyway id like to ask you on tax reporting in the beginning. isnt it should be income tax payable not income tax expense?

@mirrab3750 Жыл бұрын

Thank you, extremely helpful !

@AccountingLectures Жыл бұрын

Glad it helped! Thank you and please visit the website for more farhatlectures.com/

@mapa5497 Жыл бұрын

Thank You!!!

@AccountingLectures Жыл бұрын

Most welcome, and please visit the website for more farhatlectures.com/

@pingpong9656 Жыл бұрын

What if the tax rate changes between years - does that not throw off the balance?

@jacknelly8565 2 жыл бұрын

In 28:25 when you are making the entry for 2021 why you are not writing deffered tax asset instead of deferred tax liability. What I understood that if income tax payable is more than income tax expense in the income statement therefore we have deffered tax asset.

@masoh7336 2 жыл бұрын

where can we get these slides

@AccountingLectures 2 жыл бұрын

Sure. You can find here: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting

@muhammadomar2824 6 ай бұрын

Assalamualaikum. Respected Sir, I just subscribed your channel. Currently, I am pursuing FAR with PwC but because of time management issues still struggling to start studying properly. What to do and manage the cpa study with full time work routine?

@josephper9377 4 жыл бұрын

Im lost in why in the minute 36, we are using the difference of 55,000 as taxable income for 2021. What about the income reported in the financial statement in those years?

@orlandolazardi9818 3 жыл бұрын

I believe it’s because you already took the deduction in 2020 so now in 2021 you need to depreciate the item they took the deduction for...

@vikastar8438 Жыл бұрын

Thank you for your video, it is very very knowledgeable; however, I am struggling of how should I record NOL of our company and carryover of the tax loss? Our company never had profit yet. Should I record the tax asset? Should I credit tax expense ? No tax income payable? Or should I debit tax payable? 🤯🤯🤯Please, help🙏🙏🙏, Thank you!

@bahaxk8901 3 жыл бұрын

Is it same the standards used now? Thx btw mt

@AccountingLectures 3 жыл бұрын

Glad it was helpful! Most welcome! Please take a look at my intermediate accounting courses: farhatlectures.pathwright.com/library/by/category/intermediate-accounting/

@LM-tz9js 2 жыл бұрын

Our company is in the process of purchasing a new building and selling an old one . We have some legal fees that we are paying. I am confused which ones are deferred bond financing cost asset and which one is deferred financing cost liability. Can you recommend lecture regarding this topics? I am not a CPA, but I am ready to subscribe to your course. Do you have you an explanation for Deferred Bod Financing Cost assets vs liability ?

@adriennejones2148 2 жыл бұрын

Hi professor. Thank you so much for this video and for your time and dedication. You provide more help and instruction than my own teachers. Can you please explain how $40,000 x 40%= $8,000? Performing that calculation, I get $16,000. I'm also not seeing the difference between the income tax calculations between GAAP and Tax reporting. Thanks in advance [timestamp 9:05].