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 ...
Tax laws and rules have their own standards for when something counts as a capital improvement: If you're repairing damage, even if it's an entire roof or floor, that's still a repair expense. If you replace a roof with more advanced materials to improve the worth or life of the build...
US GAAP vs. PRC GAAP USGAAPvs.PRCGAAPComparison SemiconductorManufacturingInternationalCorporation FrameworkforFinancialReporting •USGAAP -SFAS,FASBInterpretations,APBOpinionsandARB-FASBTechnicalBulletins,EITF-AICPAIndustryAuditandAccountingGuides,AICPAStatementsofPosition-SECSAB-PCAOBstandards •PRCGAAP -Financial...
Chapter 1/ Lesson 3 281K Explore the Generally Accepted Accounting Principles. Learn the definition of GAAP in accounting and discover its history. Understand the ten basic GAAP rules. Explore our homework questions and answers library Search ...
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...
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...
How do generally accepted accounting principles (GAAP) differ from the laws of mathematics? a) What is Positive Accounting Theory? b) Explain the efficiency perspective and the opportunistic perspective of Positive Accounting Theory. c) Explain two criticisms of Positive Ac...
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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 recor...
changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride ...