Income Tax Accounting Policy
Siemens applies IAS 12 Income taxes. Current taxes are calculated based on the profit (loss) of the fiscal year and in accordance with local tax rules of the tax jurisdiction respectively. Expected and executed additional tax payments respectively tax refunds for prior years are also taken into account. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income statement, unless related to items directly recognized in equity, in the period the new laws are enacted or substantively enacted. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilized.
Source: Siemens AG, Annual Report
Income Tax Expense (Benefit)
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Siemens AG, income tax expense (benefit), continuing operations
USD $ in millions, translated from EUR €
Source: Based on data from Siemens AG Annual Reports
| Item |
Description |
The company |
| Current tax |
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. |
Siemens AG's current tax declined from 2009 to 2010 and from 2010 to 2011.
|
| Deferred tax |
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. |
Siemens AG's deferred tax increased from 2009 to 2010 and from 2010 to 2011.
|
| Income tax expense |
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. |
Siemens AG's income tax expense increased from 2009 to 2010 and from 2010 to 2011.
|
Deferred Tax Assets (Liabilities), Net
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Siemens AG, deferred tax assets (liabilities), net
USD $ in millions, translated from EUR €
Source: Based on data from Siemens AG Annual Reports
| Item |
Description |
The company |
| Deferred tax assets |
The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. |
Siemens AG's deferred tax assets increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
|
| Deferred tax assets, net |
For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. |
Siemens AG's deferred tax assets, net increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
|
