Meeting the standards of GAAP — as well as Sarbanes-Oxley — has made tax issues more important than ever before when it comes to financial statements. Risks, deferred benefits, incentives, potential assessments, timing and other questions must be answered and reflected by careful accounting under GAAP rules. Expert author Bill D. Jarnagin takes apart some of these issues and outlines how tax professionals can navigate the GAAP minefield in 2005 U.S. Master GAAP Guide. Specific tax situations and rules for handling them are discussed in clear detail, allowing the practitioner to understand how to properly treat taxes from an accounting perspective.
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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.
Read this article from CCH’s Journal of Taxation of Financial Products.