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These excerpts taken from the CREL 10-K filed Feb 9, 2009. Income
taxes
The Company accounts for income taxes under the asset and
liability method. Under this method, the Company recognizes
deferred tax assets and liabilities for future tax consequences
attributable to differences between the financial statement
carrying amounts and the tax basis of existing assets and
liabilities. The Company records a valuation allowance to reduce
its deferred tax assets to an amount for which realization is
more likely than not.
The Company adopted FASB Interpretation 48, Accounting for
Uncertainty in Income Taxes (“FIN 48”), on
December 1, 2007. FIN 48 provides guidance for how
uncertain tax positions should be recognized, measured,
presented and disclosed in the financial statements. FIN 48
requires the evaluation of tax positions taken or expected to be
taken in the course of preparing tax returns to determine
whether the tax positions have met a
“more-likely-than-not” threshold of being sustained by
the applicable tax authority. Tax benefits related to tax
positions not deemed to meet the
“more-likely-than-not” threshold are not permitted to
be recognized in the financial statements. Upon adoption of
FIN 48, the Company has elected an accounting policy that
continues to classify accrued interest and penalties related to
liabilities for income taxes in income tax expense.
Table of Contents
COREL
CORPORATION
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
Income
taxes
The Company accounts for income taxes under the asset and
liability method. Under this method, the Company recognizes
deferred tax assets and liabilities for future tax consequences
attributable to differences between the financial statement
carrying amounts and the tax basis of existing assets and
liabilities. The Company records a valuation allowance to reduce
its deferred tax assets to an amount for which realization is
more likely than not.
The Company adopted FASB Interpretation 48, Accounting for
Uncertainty in Income Taxes (“FIN 48”), on
December 1, 2007. FIN 48 provides guidance for how
uncertain tax positions should be recognized, measured,
presented and disclosed in the financial statements. FIN 48
requires the evaluation of tax positions taken or expected to be
taken in the course of preparing tax returns to determine
whether the tax positions have met a
“more-likely-than-not” threshold of being sustained by
the applicable tax authority. Tax benefits related to tax
positions not deemed to meet the
“more-likely-than-not” threshold are not permitted to
be recognized in the financial statements. Upon adoption of
FIN 48, the Company has elected an accounting policy that
continues to classify accrued interest and penalties related to
liabilities for income taxes in income tax expense.
Table of Contents
COREL
CORPORATION
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The Company records a valuation allowance to reduce its deferred tax assets to an amount for which realization is more likely than not. The Company adopted FASB Interpretation 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), on December 1, 2007. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether the tax positions have met a “more-likely-than-not” threshold of being sustained by the applicable tax authority. Tax benefits related to tax positions not deemed to meet the “more-likely-than-not” threshold are not permitted to be recognized in the financial statements. Upon adoption of FIN 48, the Company has elected an accounting policy that continues to classify accrued interest and penalties related to liabilities for income taxes in income tax expense.
Table of ContentsCOREL CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The Company records a valuation allowance to reduce its deferred tax assets to an amount for which realization is more likely than not. The Company adopted FASB Interpretation 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), on December 1, 2007. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether the tax positions have met a “more-likely-than-not” threshold of being sustained by the applicable tax authority. Tax benefits related to tax positions not deemed to meet the “more-likely-than-not” threshold are not permitted to be recognized in the financial statements. Upon adoption of FIN 48, the Company has elected an accounting policy that continues to classify accrued interest and penalties related to liabilities for income taxes in income tax expense.
Table of ContentsCOREL CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued) These excerpts taken from the CREL 10-K filed Feb 8, 2008. Income
taxes
The Company accounts for income taxes under the asset and
liability method. Under this method, the Company recognizes
deferred tax assets and liabilities for future tax consequences
attributable to differences between the financial statement
carrying amounts and the tax basis of existing assets and
liabilities. The Company records a valuation allowance to reduce
its deferred tax assets to an amount for which realization is
more likely than not.
Table of Contents
COREL
CORPORATION
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The Company records a valuation allowance to reduce its deferred tax assets to an amount for which realization is more likely than not.
Table of ContentsCOREL CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued) This excerpt taken from the CREL 8-K filed Apr 18, 2007. Income
taxes
The Company accounts for income taxes under the asset and
liability method. Under this method, the Company recognizes
deferred tax assets and liabilities for future tax consequences
attributable to differences between the financial statement
carrying amounts and the tax basis of existing assets and
liabilities. The Company records a valuation allowance to reduce
its deferred tax assets to an amount for which realization is
more likely than not.
The Company has loss carry forwards and various amounts that can
be claimed against taxable income that have already been
recorded as expenses in the financial statements. With the
application of push-down accounting, any utilization of these
pre-acquisition tax losses or unclaimed deductions is first
applied to reduce the goodwill and other intangibles pushed-down
from the acquisition. Once these balances were eliminated, the
utilization of any remaining losses and other unclaimed
deductions are recorded as a reduction in income tax expense.
The settlement of any contingencies that existed prior to the
Vector Capital acquisition are first applied against goodwill
and then against acquired intangibles on a pro-rata basis, until
such time as the carrying value of these assets is reduced to
$nil, and thereafter included as a component of Corel’s
income tax provision.
This excerpt taken from the CREL 10-K filed Feb 23, 2007. Income
taxes
The Company accounts for income taxes under the asset and
liability method. Under this method, the Company recognizes
deferred tax assets and liabilities for future tax consequences
attributable to differences between the financial statement
carrying amounts and the tax basis of existing assets and
liabilities. The Company records a valuation allowance to reduce
its deferred tax assets to an amount for which realization is
more likely than not.
The Company has loss carry forwards and various amounts that can
be claimed against taxable income that have already been
recorded as expenses in the financial statements. With the
application of push-down accounting, any utilization of these
pre-acquisition tax losses or unclaimed deductions is first
applied to reduce the goodwill and other intangibles pushed-down
from the acquisition. Once these balances were eliminated, the
utilization of any remaining losses and other unclaimed
deductions are recorded as a reduction in income tax expense.
The settlement of any contingencies that existed prior to the
Vector Capital acquisition are first applied against goodwill
and then against acquired intangibles on a pro-rata basis, until
such time as the carrying value of these assets is reduced to
$nil, and thereafter included as a component of Corel’s
income tax provision.
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