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The Committee on Accounting Procedure (CAP) was the first private sector organization that had the task of setting accounting standards in the United States. It was a committee run by the American Institute of Accountants (now known as the American Institute of Certified Public Accountants ). [ 1 ]
An example of the practical effect of the Golsen rule is that if the Tax Court is hearing a case in Dallas, Texas, the Tax Court would follow the precedent of the United States Court of Appeals for the Fifth Circuit (which consists of Texas, Louisiana and Mississippi). By contrast, if the Tax Court is hearing a case in Miami, Florida, the Tax ...
However, the case was decided using the multi-factorial approach with reasons against finding a duty being: that Esanda, as a corporation, was not vulnerable as it could have made its own enquiries regarding the financial position of the borrower; and that allowing the appeal may have given rise to indeterminate liability to the auditor.
Precedent is a judicial decision that serves as an authority for courts when deciding subsequent identical or similar cases. [1] [2] [3] Fundamental to common law legal systems, precedent operates under the principle of stare decisis ("to stand by things decided"), where past judicial decisions serve as case law to guide future rulings, thus promoting consistency and predictability.
Uniformity and jurisdiction in the tax decisions of the United States federal courts is the ongoing debate spanning many decades about achievement of uniformity and decisionmaking by federal courts when addressing tax controversies against the backdrop of multiple, regionally diverse courts with federal tax jurisdiction.
Only the reason for the decision of the majority can constitute a binding precedent, but all may be cited as persuasive, or their reasoning may be adopted in an argument. Apart from the rules of procedure for precedent, the weight given to any reported judgment may depend on the reputation of both the reporter and the judges. [7]
The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles. The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.