Accounting periods problem

[Derrick Hudson]

On Tue, Mar 11, 2008 at 08:02:32AM -0500, Mike or Penny Novack wrote:
 
| PS -- In really nasty situations an entity might have to keep two sets 
| of books, one on the "cash" basis and one on the "accrual" basis 
| becausue different jurisdictions to which they must report don't agree 
| on the requirement.
 
As I understand it, multiple sets of books are very common.  I was
told that, in the US at least, publicly traded companies must maintain
two sets of books: one for the IRS and one for the SEC.  The books for
public reporting (the SEC) follow GAAP.  The main difference is that
GAAP requires estimating certain items while the IRS only allows
actual amounts for tax write-offs.

-Derrick

-- 
\begin{humor}
Disclaimer:
If I receive a message from you, you are agreeing that:
   1. I am by definition, "the intended recipient"
   2. All information in the email is mine to do with as I see fit and make
        such financial profit, political mileage, or good joke as it lends
        itself to. In particular, I may quote it on USENET or the WWW.
   3. I may take the contents as representing the views of your company.
   4. This overrides any disclaimer or statement of confidentiality that may
        be included on your message
\end{humor}
 
www: http://dman13.dyndns.org/~dman/            jabber: dman at dman13.dyndns.org
-------------- next part --------------
A non-text attachment was scrubbed...
Name: not available
Type: application/pgp-signature
Size: 189 bytes
Desc: Digital signature
Url : http://lists.gnucash.org/pipermail/gnucash-user/attachments/20080311/f6c8fc34/attachment.bin