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Article: Reconciling corporation book and tax net income, tax years 1996-1998.(Statistical Data Included)
- Article from:
- Statistics of Income. SOI Bulletin
- Article date:
- March 22, 2002
- Author:
CopyrightCOPYRIGHT 2002 U.S. Government Printing Office. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Income measurement for tax reporting follows a separate set of rules than that used for financial reporting. The goal of financial reporting, as outlined by the Financial Accounting Standards Board (FASB) in its 1978 Statement of Financial Accounting Concepts No. 1, is to provide external users with "information that is useful in investment and credit decisions [1]." In contrast, tax reporting is intended to facilitate the collection of revenues in an equitable and efficient manner, and tax authorities, while identified by the FASB as potential users, have the authority to require companies to supply the information necessary to administer the tax code. Further, while ...