所得税会计处理:新准则与旧规范的比较分析

财政部新发布的《企业会计准则第18号——所得税》，摒弃了旧规范中所得税会计处理的应付税款法和纳税影响会计法，规定采用资产负债表债务法进行所得税的会计核算，从而导致新准则与旧规范在会计与税法的差异定义、收益确定、所得税费用计算、亏损会计处理等方面存在着很大的差异。新准则基本实现了与国际会计准则的趋同。     

The Impact of Taxes on Discount Bond Valuation and Risk

If the effective tax rates on ordinary income and capital gains are identical, the assumption of independence or dependence between ordinary income and capital gains tax rates is shown to have no impact on discount bond valuation or risk. However, even if the effective tax rates are identical, the shape and the sensitivity of the bond valuation and risk functions with respect to taxes are not identical under the alternative assumptions. A mathematical and numerical analysis of the sensitivity of changes in the discount bond valuation and risk functions with respect to income tax rates is provided. Comparisons between the sensitivities of changes in the discount bond valuation and risk functions and taxes under conditions of dependence or independence between ordinary income and capital gains tax rates are made.     

Real Effects of Accounting Rules: Evidence from Multinational Firms’ Investment Location and Profit Repatriation Decisions

We analyze survey responses from nearly 600 tax executives to better understand corporate decisions about real investment location and profit repatriation. Our evidence indicates that avoiding financial accounting income tax expense is as important as avoiding cash income taxes when corporations decide where to locate operations and whether to repatriate foreign earnings. This result is important in light of the recent research about whether financial accounting affects investment and in light of the decades of research on foreign investment that examines the role of cash income taxes but heretofore has not investigated the importance of financial reporting effects. Our analysis suggests that financial reporting is an important factor to be considered in the policy debates focused on bringing investment to the United States.     

Taxes on Tax‐Exempt Bonds

Implicit tax rates priced in the cross section of municipal bonds are approximately two to three times as high as statutory income tax rates, with implicit tax rates close to 100% using retail trades and above 70% for interdealer trades. These implied tax rates can be identified because a portion of secondary market municipal bond trades involves income taxes. After valuing the tax payments, market discount bonds, which carry income tax liabilities, trade at yields around 25 basis points higher than comparable municipal bonds not subject to any taxes. The high sensitivities of municipal bond prices to tax rates can be traced to individual retail traders dominating dealers and other institutions.     

How much of the corporate bond spread is due to personal taxes?

Existing term structure models of defaultable bonds have often underestimated corporate bond spreads. A potential problem is that investors’ taxes are ignored in these models. We propose a pricing model that accounts for stochastic default probability and differential tax treatments for discount and premium bonds. By estimating parameters directly from bond data, we obtain significantly positive estimates for the income tax rate of a marginal corporate bond investor after 1986. This contrasts sharply with the previous finding that the implied tax rates for Treasury bonds are close to zero. Results show that taxes explain a substantial portion of corporate bond spreads.     

National income taxation and the geographic distribution of population

We study how different national taxation schemes interact with geographic variation in productivity and consumption amenities in determining regional populations. A neoclassical migration equilibrium model is used to analyze the current nominal income tax system in Norway. The analysis is based on estimated regional income differences accounting for both observable and unobservable individual characteristics and the value of experience. Given regional differences in incomes and housing prices, quality of life and productivity are calibrated to model equilibrium. Compared to an undistorted equilibrium with lump-sum taxation, nominal income taxation creates a disincentive to locate in productive high-income regions. The deadweight loss due to locational inefficiencies is 0.18% of gross domestic product (GDP). We study real income taxation and equal real taxes as alternative tax systems. Both alternatives generate a geographic distribution of the population closer to the undistorted equilibrium, and hence with lower deadweight loss. In an extension of the analysis, we take into account payroll taxes. The existing regionally differentiated payroll taxes to the disadvantage of cities generate a deadweight loss of 0.22% of GDP in an economy with lump-sum income taxation. The two distortionary taxes interact and strengthen each other and the combined distortionary effect of income and payroll taxation in the Norwegian system is 0.46% of GDP.     

The value relevance of deferred tax attributed to asset revaluations

Our study focuses on the incremental value relevance of the balance sheet relative to the income statement approach to deferred tax accounting and whether such value relevance is attributable to firms being required to report the deferred tax consequences of asset revaluations. Our results suggest that the increment to deferred tax balances upon adopting the balance sheet approach has value relevance, with such value relevance driven by the deferred taxes on certain asset revaluations (specifically, property, plant and equipment, and equity-accounted investments). We interpret our results as reflecting investors’ preference for the balance sheet approach to deferred tax accounting and their view that deferred taxes on asset revaluations are real liabilities.     

Credit Ratings and Earnings Management around IPOs

This study examines the impact of having a credit rating on earnings management (EM) through accruals and real activities manipulation by initial public offering (IPO) firms. We find that firms going public with a credit rating are less likely to engage in income‐enhancing accrual‐based and real EM in the offering year. The monitoring by a credit rating agency (CRA) and the reduced information asymmetry due to the provision of a credit rating disincentivise rated issuers from managing earnings. We also suggest that the participation of a reputable auditing firm is crucial for CRAs to effectively restrain EM. Moreover, we document that for unrated issuers, at‐issue income‐increasing EM is not linked to future earnings and is negatively related to post‐issue long‐run stock performance. However, for rated issuers, at‐issue income‐increasing EM is positively associated with subsequent accounting performance and is unrelated to long‐run stock performance following the offering. The evidence indicates that managers in unrated firms generally manipulate earnings to mislead investors, while managers in rated firms tend to exercise their accounting and operating discretion for informative purposes.     

Stock Market Reactions to SFAS No. 96: Evidence from Early Bank Adopters

Statement of Financial Accounting Standards (SFAS) No. 96, “Accounting for Income Taxes,” issued by the Financial Accounting Standards Board (FASB) in December 1987 changed accounting for income tax recognition and accrual. The original deadline for implementation of SFAS No. 96 was December 15, 1988, and earlier adoption was encouraged. This study examines empirically the stock price impact of four pertinent announcement dates regarding SFAS No. 96 for 19 banks that adopted the statement in late 1987 and early 1988. Our results suggest that these early bank adopters have different characteristics from other banks that cause them to benefit from the changes in accounting for deferred taxes and explain their voluntary adoption of the standard.     

Destination taxation and evasion: Evidence from U.S. inter-state commodity flows

Tax evasion has been an important issue in the accounting literature for several decades, but the focus has been on corporate income taxes. We develop a new way to examine tax evasion that focuses on corporate transactions, rather than corporate profits. Specifically, we examine how commodity flows respond to destination sales taxes, allowing for tax evasion as a function of distance between trade partners. After accounting for transportation costs, we find that the effect of taxes decreases as distance increases. This is consistent with the notion that longer distances between trade partners hinder government oversight and increase the likelihood of successful tax evasion. Our results are robust with respect to outliers, strategic neighbor effects, information sharing agreements and other re-specifications. These results are important to policymakers because they evidence the difficulty of enforcing destination taxation in open economies such as U.S. states and the European Union.     

The capitalization of taxes in bond prices: Evidence from the market for Government of Canada bonds

This paper provides estimates of the extent to which corporate and personal income taxes are capitalized in bond prices. The methodology yields estimates of the degree of tax capitalization, rather than an implied tax rate. This makes it straightforward to identify the marginal investor and test for changes in tax capitalization. The empirical approach also makes it unnecessary to jointly estimate the degree of tax capitalization and the entire yield curve. Corporate taxes are found to have been fully capitalized in pre-tax Government of Canada bond yields during the period 1986–1993. Since 1994, taxes have not been capitalized in yields. These results are consistent with the existence of a marginal investor, but the identity of the marginal investor changed from a financial sector firm to a non-taxed entity in the early 1990s.     

Currency Denomination of Intercompany Debt and Multinational Taxes

For multinational companies (MNCs) with foreign subsidiaries, the currency denomination of intercompany debt can have important effects on both taxes and financial statements. This paper analyzes the choice between an intercompany loan denominated in the home currency and one denominated in the subsidiary's functional currency. Using U.S. rules for financial accounting and taxes, the author demonstrates the expected impact of the loan's currency denomination on the expected level and variability of an MNCs overall taxes in the case where it has excess foreign tax credits.
The author's analysis shows that the foreign currency loan denomination leads to lower expected tax if the foreign withholding tax rate on interest is higher than the parent's home income tax rate. At the same time, the parent currency denomination leads to lower expected taxes if the parent's home income tax rate is higher than the foreign withholding tax rate on interest. Moreover, if an MNCs excess foreign tax credits are attributable to the subsidiary, the foreign currency loan denomination leads to lower variability in overall taxes. But in cases where the excess foreign tax credits arise from other foreign operations, the parent currency denomination leads to lower variability of overall tax.     

Analyzing the standard deduction as a presumptive tax

Presumptive taxes can be found in the tax system of most developing countries and make sense when the desired tax base is difficult to measure, verify, and monitor. As a substitute for the desired tax base, the presumed tax base is derived from items that can be more readily monitored. Presumed taxes can also be found in developed countries, and examples include fixed depreciation schedules in place of asset-specific measures of decline in asset value, floors on deductible expenses, and the standard deduction. The authors analyze presumptive income taxation with an ultimate goal to initiate an approach to optimal presumptive taxation. This paper begins that task by analyzing the standard deduction in the individual income tax system in the United States.     

The impact of narrative disclosure readability on bond ratings and the cost of debt

Prior research on the determinants of credit ratings has focused on rating agencies’ use of quantitative accounting information, but the there is scant evidence on the impact of textual attributes. This study examines the impact of financial disclosure narrative on bond market outcomes. We find that less readable financial disclosures are associated with less favorable ratings, greater bond rating agency disagreement, and a higher cost of debt. We improve causal identification by exploiting the 1998 Plain English Mandate, which required a subset of firms to exogenously improve the readability of their filings. Using a difference-in-differences design, we find that the firms required to improve the readability of their filings experience more favorable ratings, lower bond rating disagreement, and lower cost of debt. Collectively, our evidence suggests that textual financial disclosure attributes appear to not only influence bond market intermediaries’ opinions but also firms’ cost of debt.     

新旧会计准则下所得税会计核算的比较研究

为与国际惯例趋同,我国对会计准则体系进行了修订,2006年财政部颁布了新企业会计准则。与旧准则相比,新会计准则变化很大,如所得税会计核算,需要根据新会计准则重新设置会计科目进行会计核算,进一步明确了所得税会计信息的披露内容,以最大限度地满足会计信息使用者的需求。     

An Empirical Analysis of Thomas's Financial Accounting Allocation Fallacy Theory in a Financial Distress Context

Thomas (1969, 1974 and 1975) theoretically attacked the practice of incorporating major accounting allocations across time such as depreciation and deferred taxes in financial accounting. Instead, he advocated using accrual-based funds statements as alternatives to an income statement (preferably a net-quick-assets funds statement). This paper reports the results of analyses of Thomas's assertions by using the predictive ability criterion, and the ordinal four-state financial distress methodology developed by Ward (1994). Results generally support Thomas's assertions. A net-quick-assets operating flow and an operating flow variable adjusted for depreciation and amortisation and deferred tax allocations are both normally stronger predictors of financial distress than a net income variable. However, contrary to Thomas's theory, the change in inventory, a non-monetary item, appears to be an important predictor of financial distress one year before distress.     

浅析扩内需与当前税收政策的再调整

本文对增值税转型和出口退税政策调整进行了具体分析,认为当前可以通过提高个人所得税费用扣除标准和对中小企业减税,来进一步扩大内需。     

The information compliance indexes. The illustrative case of income taxes

The adoption of IASB’s standards has represented, in the European Union, an important effort of harmonization towards the financial reporting comprehensiveness, reliability, relevance and comparability. This paper seeks to highlight the importance of Information Compliance Indexes (ICI), based on the accounting standards, as a proxy for reporting quality awareness. This approach is evidenced through an illustrative example about disclosures on deferred taxes, as required by IAS 12. This standard prescribes the accounting treatment for current taxes, deferred assets and liabilities. These issues are usually perceived by stakeholders as indicators of companies’ continuity and potential future returns. Based on non-financial listed companies of Euronext Lisbon regulated market, with reference to the end of fiscal years 2008 and 2012, an information compliance index was performed, based on that accounting standard. Then, this index was regressed with a set of performance and control indicators. Evidences have provided several statistical significant insights, which corroborate the findings that information compliance and disclosure levels depend from several performance and control indicators.     

税率调整:强化我国个人所得税收入分配调节效应的选择

个人所得税在调节收入分配上具有其他税种无法相比的优势。在我国,其收入分配调节功能却未充分发挥,甚至在一些年份出现逆调节现象。本文通过分析我国个人所得税收入分配逆调节效应的原因,认为:课税模式、费用扣除标准和税率都对个人所得税收入分配调节作用产生影响。但通过对这三者的分析,认为个人所得税税率的调整才是强化个税收入分配调节功能的重心。     

The interactive effect of revenue diversification and economic base on US local government revenue stability

Over the past 50 years, revenue diversification has emerged as an important trend in US local and state government finance. As a result, the role of the property tax has declined relative to other revenues, such as income taxes, sales taxes and user charges. This article examines the impact of revenue diversification on the revenue stability of local governments and whether the impact varies according to the nature of a jurisdiction's economic base. The findings are highly relevant to autonomous national governments in the EU. In addition, revenue stability is a significant factor that rating agencies take into account when determining a government's capacity to pay off debt, so the article has particular relevance to countries with large debts.