The following are ASC Topic 740 principles that apply to the reporting of an entity's...
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Accounting
The following are ASC Topic 740 principles that apply to the reporting of an entity's income tax expense pursuant to ASC Topic 740:
A. Income tax expense is reported as paid.
B. Income tax expense on the financial statements includes only current tax expense.
C. A current tax liability is recognized for estimated taxes payable on the current year's tax return and a deferred tax liability is recognized for the estimated future tax effects of temporary differences and carryforwards.
D. The measurement of tax liabilities is based on current provisions of the tax law and expected future changes.
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