Income taxes and non-current liabilities

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Explain the difference between accounting profit and taxable income and distinguish permanent differences from temporary differences.
Calculate and interpret deferred tax assets and deferred tax liabilities arising from temporary differences, and assess the effects of changes in tax rates and valuation allowances where applicable.

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Describe the issuance and reporting of long-term debt, including bonds issued at par, discount, or premium, and calculate interest expense and carrying value using the effective interest method at a basic level.

Explain lease accounting for lessees and analyze the effects of lease-related assets and liabilities on leverage, profitability, and cash flow presentation.

Interpret the financial statement effects of pension and other non-current liabilities at a Level I analytical depth, including their implications for solvency and coverage analysis.

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