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About this document
- Pages
- 4 pages
- Price
- $4 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting, Business Law
- Module
- ACC 545
This memo explains the methodology for determining deferred taxes, procedures for reporting accounting changes and error corrections, the rationale for establishing a subsidiary, the responsibilities of a CPA, and the difference between a review and an audit. It is useful for students of ACC 545 Financial Reporting.
What's inside
- Methodology for determining deferred taxes
- Reporting accounting changes and error corrections
- Rationale for establishing a subsidiary
- Responsibilities of a CPA
- Difference between a review and an audit
Who it is for: Students of ACC 545 Financial Reporting. (Postgraduate)
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Summary
Deferred taxes, accounting changes, audits and reviews are all part of financial reporting. A student learns about the methods and rules for handling these topics.
Deferred Taxes
Deferred taxes are based on the principles of accounting for income taxes. The Financial Accounting Standards Board sets out the basic principles for determining deferred taxes.
Accounting Changes and Error Corrections
Accounting changes and error corrections have specific procedures for reporting. These procedures depend on whether the change is required by an accounting statement or not.
Establishing a Subsidiary
A subsidiary business can be created for various reasons. These include reducing risk, gaining tax benefits and protecting creditors.
CPAs and Audits
Certified Public Accountants have professional responsibilities. They must maintain the public's trust and follow specific standards for audits and reviews.
Key terms
- Deferred Taxes
- Taxes that are due but not yet paid.
- Accounting Changes
- Changes in the principles used to prepare financial statements.
- Subsidiary
- A company that is owned by another company.
- Certified Public Accountant
- A professional who is qualified to perform audits and reviews.
- Audit
- A detailed examination of a company's financial statements.
- Review
- A less detailed examination of a company's financial statements.
Questions this document helps with
- What are the basic principles of accounting for income taxes?
- What are the procedures for reporting accounting changes?
- How do audits and reviews differ?
Summary written with AI from the document's text.
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