单词 | interperiod tax allocation |
释义 | interperiod tax allocationDefinition When an income tax discrepancy conflicts with an accounting system following GAAP, an adjustment must be made to reflect a change in policy. For example, the IRS determines an asset's worth based on the time limit of 7 years, whereas the GAAP determines an asset's worth as long as it is being used. An accountant will make the change in a footnote to the difference in policy. |
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