CPA Report ACC545 Financial Reporting
CPA Report This memo will address the methods used to determine deferred taxes, the procedures for reporting accounting changes and error corrections, and the rationale behind establishing the subsidiary as a corporation. It will also address a certified public accountant professional responsibilities as well as the difference between a review and an audit. The Methodology Used to Determine Deferred Taxes The two methods used to determine deferred taxes are the deferral and liability method. Deferred taxes and liabilities are acknowledged when there is a temporary difference between the declared value of an asset or liability and the value for financial reporting purposesâ€Ś.
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