Powers of the Commissioner on Internal Revenue 1. To interpret tax laws and decide tax cases; 2. To obtain information, and to summon, examine and take testimony of persons; 3. To make assessments and prescribe additional requirements for tax administration and enforcement; 4. To conduct inventory - taking, surveillance and to prescribe presumptive gross sales and receipts; 5. To terminate taxable period; 6. To prescribe real property values; 7. To inquire into bank deposit accounts; 8. To accredit and register tax agents; 9. To prescribe additional procedural or documentary requirements; and 10. To delegate power to subordinates. (Sec. 4 to 8, NIRC)

Name the departments, offices, or agencies that were created by the Dodd–Frank legislation.

Who should set accounting standards? A government agency or private body such as the FASB?

H5. Identify three different industries and explain the revenue recognition practices that would be applied to entities within each industry. Discuss similarities and differences among the industries and why they exist. In replies to peers, provide additional practices that could be applied to the listed industries or examples of other industries that might have the same practices.