FASB 109 implications for foreign financial statements.
Journal of Accountancy › Vol. 177 Nbr. 3, March 1994
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Summary
Financial Accounting Standards Board statement on income tax accounting
The emerging issues task force of the Financial Accounting Standards Board (FASB) has issued two consensuses on foreign financial statement issues raised by the FASB statement, Accounting for Income Taxes. One consensus addresses how to recognize the excess tax basis in the stock of a discontinued subsidiary. The second addresses how to recognize impairment of a mortgage instrument. Other releases also consider the inside basis treatment of foreign subsidiaries and how to reflect high inflation in price-level accounting in financial statements.See the full content of this document
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FASB 109 implications for foreign financial statements.
Statement on Auditing Standards no. 69, The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" in the Independent Auditor's Report, identifies Financial Accounting Standards Board emerging issues task force (EITF) consensuses as sources of established generally accepted accounting principles.
This month's column lists new EITF consensuses adopted January 20, 1994 (see the sidebar on page 85). In addit...See the full content of this document
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