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Under the AICPA's Code of Professional Ethics under Rule 203 – Accounting Principles, a member must depart from GAAP if following it would lead to a material misstatement on the financial statements, or otherwise be misleading. In the departure, the member must disclose, if practical, the reasons why compliance with the accounting principle ...
FIN 48 (mostly codified at ASC 740-10) is an official interpretation of United States accounting rules that requires businesses to analyze and disclose income tax risks. It was effective in 2007 for publicly traded entities, and is now effective for all entities adhering to US GAAP.
Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments: Omnibus—an amendment of GASB Statements No. 21 and No. 34: June 2001: Amended by various GASBS; Partially superseded by GASBS 89; 38. Certain Financial Statement Note Disclosures: June 2001: Amended by various GASBS; 39.
Disclosure of supplemental financial information by diversified companies full-text: 3: 1969 June: Financial statements restated for general price-level changes full-text: 4: 1970 October: Basic concepts and accounting principles underlying financial statements of business enterprises full-text
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 ...
The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework, such as the Generally Accepted Accounting Principles (GAAP) which is the accounting standard adopted by the U ...
Personal financial statements guide, as of December 31, 1990 full-text: 39-04: 1992: Personal financial statements guide full-text: 39-05: 1997: Personal financial statements guide, with conforming changes as of September 1, 1997 full-text: 39-06: 1999: Personal financial statements guide, with conforming changes as of May 1, 1999 full-text: 39 ...
The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. [3]