Unify tax and management accounting for inventories

Article Abstract:

Section 263A features rules on detailed product costing for tax purposes. The section extends the definition of indirect costs to accommodate general and administrative costs associated with the production processes, including real or personal property generated or purchased for resale. It supports the maintenance of records required to determine indirect production costs and identify methodologies for designating a part of the costs to inventory. It also requires companies to select a reasonable allocation base for the activity-based costing of overhead to products according to the number of activities consumed by the products. In addition, Section 263A minimizes the latitude taxpayers have in determining which costs to capitalize.

Tax Law, Public Finance Activities, Laws, regulations and rules, Accounting and auditing, Taxation, Inventories, Inventory accounting

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Competence and independence: the congenial twins of auditing?

Article Abstract:

Less restrictive definitions for both auditor competence and independence and a revision of the conceptual linkage are suggested to provide empirical researchers with a more complete theoretical explanation of auditor behavior. P. Barnes and H.D. Huan studied auditor competence and independence in 1993, in the context of a going concern decision. Barnes and Huan's empirical analysis implied narrow definitions, classifying the two concepts as mutually inclusive characteristics of auditor behavior.

Standards, Research, Performance, Evaluation, Auditors, Going concern (Accounting), Going concern

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The assessment of predictive accuracy and model overfitting: an alternative approach

Article Abstract:

The accuracy of nultivariate models for predicting bankruptcy is the main determinant of the usefulness of such models. Inaccurate pictures of a model's usefulness are remedied through solutions, such as the use of bootstrapping procedures, that are often impractical to implement. A simple, practical solution to such a problem is the adoption of a closed formula for predicting the true error rate of multivariate models. The model could also be used in assessing overfitting of models.

Methods, Forecasts and trends, Bankruptcy, Business forecasting

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