no deferred tax asset was recognized in the year 1 financial statements by the chaise company when a loss from discontinued segments was carried forward for tax purposes. chaise had no temporary differences. the tax benefit of the loss carried forward reduced current taxes payable on year 2 continuing operations. the year 2 financial statements would include the tax benefit from the loss brought forward in income from continuing operations. gain or loss from discontinued segments. owners' equity. cumulative effect of accounting changes.

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10-12-2022
Business

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no deferred tax asset was recognized in the year 1 financial statements by the chaise company when a loss from discontinued segments was carried forward for tax purposes. chaise had no temporary differences. the tax benefit of the loss carried forward reduced current taxes payable on year 2 continuing operations. the year 2 financial statements would include the tax benefit from the loss brought forward in income from continuing operations. gain or loss from discontinued segments. owners' equity. cumulative effect of accounting changes.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-12-18T05:36:29+01:00

Yes, the year 2 financial statements would include the tax benefit from the loss brought forward in income from continuing operations.

The amount should be reported as a reduction of income taxes payable in the income statement. As the tax benefit is associated with the discontinued segment, the amount should also be reported in the gain or loss from discontinued segments in the income statement. Furthermore, the tax benefit will also result in an increase in owners' equity as the amount of taxes payable is reduced. The impact of the tax benefit should be reported in the cumulative effect of accounting changes in the statement of changes in equity.

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