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Essay / Research Paper Abstract
A 7 page paper discussing the implications of Statement 109 for small business. The Financial Accounting Standards Board (FASB) spent nearly a decade debating issues surrounding the reporting of income tax issues before releasing “Statement of Financial Accounting Standards (SFAS) No. 109: Accounting for Income Taxes.” Statement 109 allows businesses to defer both tax liabilities and tax benefits on the balance sheet to align with the timing of receipt of the revenues on which deferred income tax amounts are based. The purpose here is to review issues such as net change in valuation allowance; deferred tax liability and assets; deferred tax expense or benefit; related party transactions; continued existence and other items. Bibliography lists 3 sources.
Page Count:
7 pages (~225 words per page)
File: CC6_KSacctgFASB109.rtf
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Unformatted sample text from the term paper:
The Financial Accounting Standards Board (FASB) spent nearly a decade debating issues surrounding the reporting of income tax issues before releasing "Statement of Financial Accounting Standards (SFAS) No. 109:
Accounting for Income Taxes." Statement 109 allows businesses to defer both tax liabilities and tax benefits on the balance sheet to align with the timing of receipt of the
revenues on which deferred income tax amounts are based. The purpose here is to review issues such as net change in valuation allowance; deferred tax liability and assets; deferred
tax expense or benefit; related party transactions; continued existence and other items. Provisions of Statement 109 Statement 109 "establishes financial accounting and reporting
standards for the effects of income taxes that result from an enterprises activities during the current and preceding years" (Summary of Statement No. 109, 1992). Its effect is to
defer the effect of income taxes so that they can be included on the balance sheet during the same year that the revenues on which they are based also appear
on the balance sheet. FASBs former guidelines for accounting for corporate income taxes were contained in FASB Statement No. 96, Accounting for Income Taxes; Statement 109 supercedes Statement 96
(Summary of Statement No. 109, 1992). FASB states that there are two "objectives of accounting for income taxes" (Summary of Statement No. 109,
1992). Those objectives are to recognize * "The amount of taxes payable or refundable for the current year; and * "Deferred tax liabilities and assets for the future tax
consequences of events that have been recognized in an enterprises financial statements or tax returns" (Summary of Statement No. 109, 1992). The FASB
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