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Chapter 14 — Disclosure of Income Taxes

14.2 Balance Sheet

14.2 Balance Sheet

ASC 740-10
50-2 The components of the net deferred tax liability or asset recognized in an entity’s statement of financial position shall be disclosed as follows:
  1. The total of all deferred tax liabilities measured in paragraph 740-10-30-5(b)
  2. The total of all deferred tax assets measured in paragraph 740-10-30-5(c) through (d)
  3. The total valuation allowance recognized for deferred tax assets determined in paragraph 740-10-30-5(e).
The net change during the year in the total valuation allowance also shall be disclosed.
50-3 An entity shall disclose both of the following:
  1. The amounts and expiration dates of operating loss and tax credit carryforwards for tax purposes
  2. Any portion of the valuation allowance for deferred tax assets for which subsequently recognized tax benefits will be credited directly to contributed capital (see paragraph 740-20-45-11).
50-4 In the event that a change in an entity’s tax status becomes effective after year-end in Year 2 but before the financial statements for Year 1 are issued or are available to be issued (as discussed in Section 855-10-25), the entity’s financial statements for Year 1 shall disclose the change in the entity’s tax status for Year 2 and the effects of that change, if material.
50-5 An entity’s temporary difference and carryforward information requires additional disclosure. The additional disclosure differs for public and nonpublic entities.
Public Entities
50-6 A public entity shall disclose the approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets (before allocation of valuation allowances).
50-7 See paragraph 740-10-50-16 for disclosure requirements applicable to a public entity that is not subject to income taxes.
Nonpublic Entities
50-8 A nonpublic entity shall disclose the types of significant temporary differences and carryforwards but may omit disclosure of the tax effects of each type.