I wish Citigroup and its CPAs, KPMG, good luck. I last commented on Citi's deferred-tax assets on 16 March 2009: http://skepticaltexascpa.blogspot.com/2009/03/peter-wallison-advocate.html.
Monday, May 24, 2010
"No one likes taxes, and investors always should be wary of assets based on them. ... Deferred-tax assets and liabilities arise because of differences in tax accounting, which is based on cash payments, and accounting for financial-reporting purposes, which assigns revenue and expenses to the period in which they occur. ... Citigroup ... reported $46 billion in deferred-tax assets at the end of 2009, triple the level of two years earlier, a result of huge losses. The bank steadfastly has maintained there isn't doubt over its ability to use these assets, basing this on expectations of being able to return to profitability", David Reilly at the WSJ, 10 April 2010, link: