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Article: Accounting for income taxes. (column)

Article from:
The National Public Accountant
Article date:
February 1, 1990
Author:
Copyright

Deferred taxes arise when the accountant uses an accounting method for financial statement reporting different from income tax reporting. This usually creates a difference between net income per financial statements and net income per the tax return. Sometimes these differences are immaterial and other times the difference is significant. There are times when accountants must use generally accepted accounting principles (GAAP) for financial statement reporting. Generally, financial statements prepared in accordance with GAAP will have some reported income or expenses that will not have tax consequences in the current year. This difference is what is known as a timing ...

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