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Business, general

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The new approach to accounting for income taxes

Article Abstract:

The Financial Accounting Standards Board has provided new requirements for income tax accounting through its issuance of Statement of Financial Accounting Standards (SFAS) No. 109. The key difference and advantage of SFAS No. 109 in comparison to its predecessor, SFAS No. 96, is the former's recognition of deferred tax assets as temporary difference reductions and carryforwards of tax credit and operating loss. SFAS No. 109 also streamlines the mechanics of computing for deferred tax. SFAS No. 109 will apply to income taxes beginning the fiscal year following December 15, 1992. The key concepts of SFAS No. 109, such as balance sheet focus, temporary differences, recognition and measurement of deferred tax assets and liabilities, and changes in tax rates or legislation, are discussed. The procedure for calculating tax is also provided.

Author: Bielstein, Mark M., Trott, Edward W.
Publisher: Institute of Management Accountants
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1992
Laws, regulations and rules, Tax accounting, Income tax, Financial Accounting Standards Board

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Accounting for a marina/resort

Article Abstract:

Accounting for a full-service marina entails the compilation of monthly reports of the cost of many items, including store inventory sold, food costs, and rent deferrals. The accounting department of the Tower Park Marina in California's Central Valley on the Delta uses two free-standing IBM PCs and two AST computers linked in a network for their accounting duties. The business of the marina is divided into two operating entities: the first comprised of a store, rental businesses, and a restaurant, and the second of all other business operations. Reports issued by the accounting department include store inventory and transfers, a sales journal, and a deferred rent report.

Author: Mabee, Yvonne M.
Publisher: Institute of Management Accountants
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1991
Methods, Marinas, Managerial accounting

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Subjects list: Accounting and auditing
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