How have the recent revenue recognition standards affected the book/ tax accounting

In tax-effect accounting, the temporary differences between the carrying amount and the tax base for assets and liabilities leads to the establishment of deferred tax assets and liabilities in the accounting records. List examples of temporary differences that create: deferred tax assets deferred tax liabilities.

What is the meaning of Revenue recognition on financial statements?

The tax law refers to gross income, yet the term gross income is not found on Form 1040. Explain.

1) What are the five steps to apply the core principles of revenue recognition, list them? What new accounting pronouncement outline these core steps? 2) What are the four disclosures required by U.S. GAAP relating to income taxes.

explain how deferred tax liabilities and assets are created and the factors that determine howa company’s deferred tax liabilities and assets should be treated for the purposes of fi nancialanalysis;

Which of the following is not an administrative remedy available to the government? a. Assessment   b. Distraint                 C.  Tax Avoidance            D.  Tax Lien

Question 1: Why do deferred tax assets or deferred tax liabilities arise? Explain your answer with a suitable example.   Question 2:  Will the existence of unused tax losses always lead to the recognition of  deferred tax assets? Explain your answer with suitable example.   Question 3: Do the liabilities and assets that are generated by using the 'balance sheet method' of accounting for tax appear to be consistent with the definition and recognition criteria of assets and liabilities promulgated within the Conceptual Framework?   Question 4: Under what conditions can deferred tax assets be offset against deferred tax liabilities?   Question 5: Critically examine the disclosures made by an Australian Securities Exchange (ASX) listed company in its latest financial statements and associated notes regarding income tax issues. While every company will have unique tax matters and position, your discussion should highlight the following:   Identify the income tax expense (income) shown in…

Which reference material is classified as a primary “authoritative” source? Treasury Regulations Federal Tax Handbook Internal Revenue Code Private Letter Rulings

How, and why, does the depreciation reported for tax purposes differ from that reported in the financial statements?