NO.PZ202304050100017104
问题如下：
The subject company’s management has provided
guidance for the next fiscal year, which includes an effective tax rate that is
substantially below its statutory tax rate, largely due to tax windfalls from
share-based compensation. Using this effective tax rate for all future years in
the model would likely:
选项：
A.overstate income tax expense.
B.overstate free cash flow to the firm.
understate estimated enterprise value.
解释：
B is correct. A lower effective tax would increase free cash flow to the firm (After-tax EBIT + D&A – Capex +/- Change in working capital). Tax windfalls or excess tax benefits decrease the effective tax rate versus the statutory rate because they are deductible for tax purposes, but not expensed on the income statement.
如何理解解析中：Tax windfalls or excess tax benefits decrease the effective tax rate versus the statutory rate because they are deductible for tax purposes, but not expensed on the income statement.
题目没有说是IFRS还是US GAAP，如果是US GAAP，这种tax effect不就是影响income statement的吗？
请老师解答，谢谢
