Double-edged deferral
递延资产是把双刃剑
How lower taxes could hurt Americas big banks
低税为何会让美国大银行很受伤
WHEN is a corporate-tax cut bad for acorporation? When it would trigger hefty write-downs of peculiar but critical assets, as is the caseat some of Americas largest banks. The accounting item in question is the deferred-tax asset. This is a legacy of the financial crisis. Americas tax code allows losses amassed duringthe meltdown to be used to offset future tax bills. Since a bank isincreasing its future cashflows by reducing expected tax payments, this is recorded as an asseton the balance-sheet.
什么时候削减公司税对公司不利?答案是,当它可能引发特殊而重要的资产发生重大减值时,就象美国最大的几家银行那样。我们这里要讨论的会计科目是递延税项资产,这是金融危机的产物。按照美国税法,经济崩溃时的累积亏损可用以抵减以后年度的税款。因为银行的预计税款支出减少,未来的现金流量将会增加,因此在资产负债表上它作为一项资产列示。
JPMorgan Chase held DTAs of $16 billion at the end of last year, while Bank of America had $27billion-worth. The undisputed deferred-tax king, however, is Citigroup with slightly more than$50 billion-worth, the largest discretionary accounting item in the companys history.
上年末,摩根大通的递延税项资产总额为160亿美元,而美国银行为270亿美元。花旗银行的递延税项资产略高于500亿美元,毫无疑问,它是递延税项资产之王,这个酌量性会计项目的数额在该公司历史上是最高的。
To some, this looks highly optimistic. Mike Mayo, an analyst with CLSA, a broker, hasrelentlessly questioned Citis ability to produce enough taxable income to justify the assetand has suggested that it could be overvalued by $10 billiona view for which he was, for atime, blackballed and badmouthed by the firms top brass. Citi rejects the suggestion that it iscounting imaginary beans. Its DTA is, according to its latest filing, recognised subject tomanagements judgment that realisation is more likely than not .
也许有些人觉得这非常乐观。券商法国里昂证券公司分析师迈克?马约毫不留情地质疑花旗银行是否能够创造足够的应税收益以实现这项巨额资产,他认为花旗银行该项资产的价值可能被高估了100亿美元,他曾因此遭到公司高层的反对和指责。花旗不承认他们高估了该资产。根据最新文件,他们的递延税项资产是按照管理层的判断进行确认的,最终有可能实现,而且可能性很大。
Banks with DTAs have to worry about electoral politics as well as future profits. With BarackObama and all the Republican presidential candidates either keen or at least prepared to lowerthe top rate of federal corporate tax from todays 35%, a reduction over the next year ortwo looks reasonably likely, with an outside chance of a sharp cut. Any such move would makeDTAs less valuable since future tax deductions would be worth less. With tax at 35%, a dollarof such deductions saves a company 35 cents. A cut to 20% would reduce the benefit to 20cents.
拥有递延税项资产的银行除了要关注未来的营利,还得关注总统候选人的政策理念,奥巴马和所有的共和党侯选人要么急于、要么至少准备降低联邦公司税的税率,目前税率是35%,在今后一两年有理由相信这个税率会降低,但下降幅度不可能太大。任何此类行为都会使递延税款资产发生减值,因为税率降低将导致未来税款抵减额减少。当税率为35%时,一美元此类抵减额能为公司节省35美分。如果税率降低到 20%,一美元抵减额就只能为公司节省20美分。
国际英语资讯:Egyptian president vows not to stand idle on threats to Egyptian, Libyan security
Cancel culture? 抵制文化
国内英语资讯:China, Africa push for healthier communities
国内英语资讯:China, France hold strategic dialogue
The Right For Celebrities to Go to School 名人上学的权利
体坛英语资讯:No high-level beach volleyball events before October, says FIVB
国际英语资讯:Japan, Germany vow to deepen cooperation on COVID-19 vaccine development
国内英语资讯:Three Gorges power station runs at full capacity amid flooding
英国首相约翰逊2020年毕业演讲:我迫不及待地想看到你们建造的新世界!
国内英语资讯:Economic Watch: Chinas economy rebounds in Q2 from epidemic headwinds
国际英语资讯:Italian govt to change ownership of highway operator in wake of 2018 bridge collapse
国内英语资讯:Chinese FM hosts C+C5 foreign ministers video meeting
体坛英语资讯:ISU to hold 2020-21 Figure Skating Cup of China in Chongqing, Grand Prix Final in Beijing
体坛英语资讯:Peru sets July date for footballs restart
Anti-bully In Campus 反校园欺凌
日本研发出智能口罩 可以将对话翻译成8种语言
“三伏天”为什么被叫作“dog days”?
体坛英语资讯:ATP to raise funds for coaches affected by pandemic
国际英语资讯:Mongolia repatriates over 400 more nationals stranded abroad amid pandemic
阿尔卑斯山的雪变成了粉红色,这很危险
体坛英语资讯:French court suspends relegation of Amiens, Toulouse
国际英语资讯:OPEC+ decides to move to 2nd phase of oil cuts by easing output restrictions
国际英语资讯:UN Security Council calls for advancement of peace process in Colombia
国内英语资讯:Xi voices confidence in Chinas economy, pledges wider opening-up
体坛英语资讯:Uruguayan football to return in August
"天问一号"已运抵发射场
每日资讯播报(July 16)
美国疫情数据报送绕过疾控中心 引发卫生专家担忧
国际英语资讯:Tunisian govt dismisses all majority partys ministers as PM submits resignation
国内英语资讯:Chinas top legislator stresses wildlife protection
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |