Tax provisioning is the process of estimating how much income tax your company has to pay to the IRS for the current year ASC 740 is an accounting standard that applies to all entities that are consolidated in the financial statements of a US company that follows GAAP and have income tax ob...
Once an impairment loss is recognized under GAAP, it establishes a new cost basis for the asset that cannot be reversed in future periods, even if the asset's value subsequently increases.1This contrasts withinternational financial reporting standards (IFRS), which permit impairment reversal under c...
There is a stated intent to eventually merge GAAP into IFRS, but this has not yet occurred. Given recent differences of opinion arising during several joint projects, it is possible that the frameworks will never be merged. Why is GAAP Important? GAAP is important, because compliance with it ...