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Review and Analysis of Module 10: Deferred Tax Assets and Financial Reporting Issues

This agenda focuses on the review of Module 10, particularly the deferred tax assets associated with property, plant, equipment, goodwill, and other intangible assets. Key topics will include calculations of additional assets, accrued expenses, and selling, general, and administrative expenses. We will discuss significant accounting policies, including intangible asset amortization and sales by segment. Issues related to implied deferred tax liability, reconciliation with balance sheet, and operating segments will also be addressed.

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Review and Analysis of Module 10: Deferred Tax Assets and Financial Reporting Issues

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  1. Incorporating Additional Information Kristen Bachteler March 31, 2014 Module 10

  2. Agenda Review of Module 10 Deferred Tax Assets Property, Plant & Equipment Goodwill & Other Intangible Assets Accrued Expenses Debt Selling, general & administrative expense Sales Segment Product Expanded Financials Issues with Module 10

  3. Deferred Tax Assets

  4. Calculation of Additional Asset

  5. Property, Plant, & Equipment

  6. Goodwill & Other Intangible Assets

  7. Accrued Expenses

  8. Debt

  9. Selling, General, & Administrative Expense • Advertising Expense (Note 1 – Summary of Significant Accounting Policies) • $1.1 billion in 2013; $1 billion in 2012; $930 million in 2011 • Intangible Asset Amortization (Note 4 – Goodwill and Other Intangible Assets) • ($2,002) in 2013 ; ($1,042) in 2012

  10. Sales by Segment & Product

  11. Expanded Balance Sheet

  12. Expanded Balance Sheet (Continued)

  13. Expanded Income Statement

  14. Issues to Resolve with Mod 10 • Calculation of implied additional deferred tax liability • Additional info in Note 3 about non-current liabilities suggest Deferred Tax Liabilities of $16,489 & $13,847 in 2013 and 2012 respectfully • How do reconcile with face of balance sheet & other note information (presented earlier on DTA slide) • Which breakdown of sales is best – geographic or product? • Presented geographic operating segment because that is how management views it • Not as much detail on selling, general, & administrative expense • No mention of: • pension expense or retirement benefits • preferred stock issued or outstanding • non-controlling interest

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