In: Accounting
(1) What are the advantages for a corporation of a Consolidated Tax Return?
(2) What are the disadvantages for a corporation of a Consolidated Tax Return?
(3) Which FASB is the primary source of GAAP for Income Taxes?
(4) Which are the FASB, APB, etc. which address Income Taxes for the accounting profession?
Answer 1:
Answer 2:
Answer 3:
International Accounting Standard IAS 12 is the primary source for computation of income taxes for an organization following IFRSs to prepare and present financial statements. ASC 740 has the same responsibility under the US GAAP.
Answer 4:
IAS 12 has to be followed in relation to the income taxes irrespective of the individual and his or her profession.