- Is it possible to deviate from GAAP and still prepare financial statements? What some consequences from this? (2)
- Financial reports to prepare audited financial statements (0)
- Who Can Prepare Audited Financial Statements? (0)
- using GAAP assets are shown on financial statements at higher of current market value or past cost.T or F, why? (0)
- Financial statements are based on generally accepted accounting principles (GAAP) and audited by CPA firm.? (0)
- Financial Reports Used to Prepare Audited Financial Statements (0)
- Why is GAAP and historical cost important to financial statements? (1)
- Can I invest my income from my business to avoid paying taxes? (4)
- What is Company Y’s Operating income Return on Investment? (1)
- When one starts a business, a ltd company, is start up capital, a lump sum, taxed as income? (3)
- Taxes – investment company vs individual. HELP!? (2)
- How long before Obama announced raising taxes on the rich for income and for investment? (5)
- Does a non-profit organization have to pay income and capital gains taxes on its investments? (4)
- Financial Statements Question….Please help!!!? (1)
- Depreciation and its impact on financial statements (0)
- I need help with my accounting class… i cant seem to get down what is in a balance sheet, income statements? (2)
- Would working at a payroll company help me find a job in finance in the future? (2)
- Financial statements? (2)
- The North West Company Fund – Financial Analysis Review—-Aarkstore Enterprise Market Research Aggregation (0)
- Can Social Security Supplemental Income Be a Part of Your Future Plans? (0)
Tagged as: According, company, Financial, Future, Gaap, include, Income, prepare, statements, taxes
{ 2 comments… read them below or add one }
It can, for example in a simple small company, if its accounting depreciation and tax depreciation are the same, and therefore, there is no need to account for the timing difference in the deferred tax liability. Disclosure in the financial statement to account for income taxes is important.
Yes they can, but there are several conditions. You have to apply the Differential Reporting section of the CICA handbook which allows you to forego Future income taxes.
Their are several conditions, the main ones being that it only applies to “non-publicly accountable enterprises” and you need signed approval from all owners of the company in order to apply this section.
And of course their are several disclosures that need to be made in order to satisfy Canadian GAAP.