Wiley GAAP 2016 - Interpretation and Application of Generally Accepted Accounting Principles (Wiley Regulatory Reporting) by Joanne M. Flood

Author:Joanne M. Flood [Joanne M. Flood]
Language: eng
Format: epub
ISBN: 9781119106067
Publisher: Wiley
Published: 2015-11-22T16:00:00+00:00

Nonprofit organizations

Flow-through entities (e.g., partnerships, limited liability companies, and S corporations)

Entities whose income tax liabilities are subject to 100% credit for dividends paid such as real estate investment trusts (REITs) and registered investment companies.

Overview

There are two main objectives to accounting for income taxes:

Recognize the estimated taxes payable or refundable on tax returns for the current year as a tax liability or asset.

Recognize a deferred tax liability or asset for the estimated future tax effects attributable to temporary differences and carryforwards. (ASC 740-10-05-5)

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