Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.
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Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.
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- describe general principles of revenue recognition and accrual accounting, specifi c revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi nancial analysisAccess the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items: 1. The specific items to which income tax expense is allocated for intraperiod tax allocation. 2. The tax rate used to calculate deferred tax assets and liabilities. 3. The required disclosures in the notes to financial statements for the components of income tax expense.Describe conditions for revenue recognition under ASPE and IFRS.
- Describe the different taxes that government uses to collect revenue.Which of the following accounts of a governmental unit is usually credited when taxpayers are billed for property taxes?a. Appropriationsb. Taxes Receivable—Currentc. Estimated Revenuesd. RevenuesProvide in full the meaning of these abbreviations and tell briefly how they interface with the GIFMIS. Payroll & HuRMIS (PSC) CS-DMRS (DMD-MOF) E-Monitor (Non-Tax Revenue-MoF) PIMS (PID-MoF)
- Discuss how the provision for income taxes is computed and reflected in interim financial statements.Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items: Circumstances indicating when theinstallment method or cost recovery method is appropriate for revenue recognition.Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for income taxes.
- Discuss the government structure of the Ghana Revenue AuthorityWhat do these four phrases regarding taxes mean? (a) Payroll withholding (b) difference between gross and net pay (c) similarities and differences between state and federal taxation of inheritance (d) importance of record keeping for auditsRevenues, expenses, and components of other comprehensive income can be reported in a single statement of comprehensive income using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.