tax asset or liability for taxes payable or refundable for current year Deferred tax asset or liability resulting from temporary differences Measurement based on enacted tax laws Deferred tax asset reduced to amount expected to be realized PRC GAAP May use either (a) tax payable method (deferred ...
US GAAP vs. PRC GAAP USGAAPvs.PRCGAAPComparison SemiconductorManufacturingInternationalCorporation FrameworkforFinancialReporting •USGAAP -SFAS,FASBInterpretations,APBOpinionsandARB-FASBTechnicalBulletins,EITF-AICPAIndustryAuditandAccountingGuides,AICPAStatementsofPosition-SECSAB-PCAOBstandards •PRCGAAP -Financial...
Sales tax -- and the sales tax rate -- is a percentage of the purchase price of certain retail goods as well as certain services that buyers must pay at the time of purchase. As of 2013, 45 states and the District of Columbia have sales tax laws pertaining to tangible personal property...
40. Deferred Income Tax: Please refer the table below to understand the difference Issue Indian GAAP US GAAP Tax rates. Tax rates and tax laws that have been enacted or substantively enacted. Use of substantive enacted rates not permitted. Tax rate and tax laws must have been enacted. Recog...
Is the tax base of the PET computed by income or loss of the entity or the attributes of its owners? Is the PET liability joint and severally liable by the owners of the pass-through entity? Are the laws and regulations such that the taxes paid by the entity are on behalf of its own...
Publicly traded corporations have to release GAAP-compatible financial statements, but they also have to keep accounts that comply with tax laws. Private companies have the option to do all their accounting on tax principles rather than GAAP. Either way, it's important to understand the differences...
Unlike IFRS, current and deferred tax are only measured based on rates and tax laws that are enacted at the reporting date. Deferred tax is measured based on an assumption that the underlying asset (liability) will be recovered (settled) in a manner consistent with its current use in the ...
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From time to time the Company’s tax filings are subject to review and in connection with such reviews, disputes can arise with the taxing authorities over the Company’s interpretation of the country’s tax laws. The Company record...
giving details of all the transactions made during a financial year. These financial statements are prepared keeping in mind the accounting laws of the country in which business is being carried out. The basics of Indian and US GAAP are same but there are some differences that should be known...