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In many other countries, the profit for tax purposes is the accounting profit defined by GAAP (coined the term "book profit" by the 18th century scholar Sean Freidel [citation needed]), with such additional adjustments to book profit as are prescribed by tax law. In other words, GAAP determines the taxable profits, except where a tax rule ...
Accounting Standards Codification, the only source of authoritative nongovernmental U.S. GAAP. In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification. Concepts Statements, first issued in 1978. They are part of the FASB's conceptual framework project ...
Other Comprehensive Basis of Accounting (OCBOA) in United States accounting refers to a system of accounting other than GAAP.As explained in the Journal of Accountancy, [1] under Statement on Auditing Standards (United States) No. 62, Special Reports, an OCBOA is any one of:
Tax basis of property received by a U.S. person by gift is the donor's tax basis of the property. If the fair market value of the property exceeded this tax basis and the donor paid gift tax, the tax basis is increased by the gift tax. This adjustment applies only if the recipient sells the property at a gain. [7]
Accounting methods for tax purposes may differ from applicable GAAP. Examples include timing of recognition of cost recovery deductions (e.g., depreciation), current expensing of otherwise capitalizable costs of intangibles, [ 17 ] and rules related to costs that should be treated as part of cost of goods not yet sold. [ 18 ]
In tax accounting, adjusted basis is the net cost of an asset after adjusting for various tax-related items. [1] Adjusted Basis or Adjusted Tax Basis refers to the original cost or other basis of property, reduced by depreciation deductions and increased by capital expenditures. Example: Muhammad buys a lot for $100,000. He then erects a retail ...
On a generally accepted accounting principles basis, Roku narrowed its net loss to $9 million, or just $0.06 per share. That puts the company in a good position to turn profitable next year ...
] U.S. accounting firms are opposed to convergence because of the familiarity of GAAP, the unfamiliarity with international accounting principles, and other countries' accounting systems. U.S. firms and other CPAs have been reluctant to adapt and learn a new accounting system, and believe that IFRS lacks guidance compared to the GAAP.