Deferred but not forgotten

Article Abstract:

Taxable income is different from accounting income primarily because each is measured differently. This makes it difficult to identify deferred taxes on financial statements. In a single-asset company, deferred taxes are expected to eventually reverse. However, financial consultants have found out that accumulated deferred tax account would never decrease if a company has at least an equal dollar amount of depreciable assets each year. By making an educated guess, an accountant can determine the possibility of a deferred tax reversal and the subsequent cash outflow.

Accounting and auditing, Deferred tax (Accounting)

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Comments on positive accounting theory: a necessarily blinkered view

Article Abstract:

R.R. Sterling's interpretation of R.L. Watts and J.L. Zimmerman's positive accounting theory (PAT) as having narrow boundaries has merit. A further examination of the butcher's scales proves this. A narrower focus limits the number of possible discoveries; therefore PAT permits incorrect hypotheses.

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Positive accounting theory: a useful tool for explanation and prediction, or a body of vacuous, insidious and discredited thoughts?

Article Abstract:

Theoretical assumptions have turned positive accounting theory (PAT) into an emotionally-charged issue. PAT provides some useful explanations and some assumptions that are unacceptable. While the theory has alienated and angered it critics, continued debate will refine its limitations.

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