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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What are the two objectives of accounting for income taxes identified by the FASB?

To determine

State the two goals of accounting for income taxes identified by FASB.

Explanation

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards and administrates GAAP.

As per Financial Accounting Standards Board, the two goals of accounting for income taxes are as follows:

  • A b...

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