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blade8932 · 2022年11月01日

这道题最大的难点就是这句话的理解 :which is a growth company and expected to grow in the future.

NO.PZ2016012102000139

问题如下:

Lily is an expert in analyzing manufactoring industry. Recently, she is quite interested in Firm A, which is a growth company and expected to grow in the future. However, due to accelerated depreciation in tax authority, the firm reports a deferred tax liability in balance sheet. In Lily's fundamental analysis of Firm A, she treats the full value of deferred tax liability as equity. Is Lily correct regarding the treatment of deferred tax liability?

选项:

A.

Correct.

B.

Incorrect, because deferred tax liability should be treated as a liability.

C.

Incorrect, because the present value of deferred tax liability should be treated as a liability and the remaining part should be treated as equity.

解释:

A

Firm A is expected to grow in the future and will invest depreciable assets continuously. A reversal of deferred tax liability is unlikely, therefore, it should be classified as equity for analytical purpose. Lily is correct.

考点:当DTL长期无法转会时的特殊处理

公司 A 预计未来会增长,并将持续投资扩张企业,增加设备采购那么税务局的折旧费用和企业的折旧费用长期都会有一个差异,DTL会一直存在在企业的账上,本质上就是无法回转。出于分析目的,在这种情况要视DTL为税务局给企业的投资,视为equity。

这句话,我看了很多其他学员也提出了,单凭这句话确实很难说服公司的DTL一定不会回转。难以说服大家。

1 个答案

lynn_品职助教 · 2022年11月03日

嗨,爱思考的PZer你好:


这是一个分析师的处理办法,同学应该知道我们炒股的时候除了上市公司的年报、财务报表之外,也有很多研报,研报中分析师就会按照自己的观点对财报进行调整,比如我认为公司的存货不值账上的价值,要调减,那么研报中就会有所显示。


这个知识点就是因为这个原因才存在的,单凭这句话确实很难说服公司的DTL一定不会回转。难以说服大家。


认为不会转回就是Lily这个分析师的观点,并不是说可以100%确认DTL不转回了。 In Lily's fundamental analysis of Firm A, she treats the full value of deferred tax liability as equity. 她是在她的对A公司的基本面分析报告中这样写。


DTA/DTL来源于pre-tax income和taxable income的暂时性差异,这个差异未来会reverse,所以才有DTA/DTL。

 

如果DTA有概率不能回转时,则设定valuation allowance,类似于备抵帐户。


DTL有概率不能回转时,分析师可将税务局看成是公司的股东,但会计上不可如此操作。





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