ACC 545 Financial Reporting

May 5th, 2015
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Here is the solution file for your accounting problems. You may buy it as your study guide and get good grades through researching more on this subject.

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ACC 545 Financial Reporting MemorandumTo:ManagerFrom:Sonya Cunningham, CPASubject:Explanation of the methodology used to determine deferred taxes, the procedures for reporting accounting changes and error corrections, the rationale behind establishing the subsidiary, what my professional responsibilities are as a CPA, and the difference between a review and an audit.Date: This memo will give an explanation of the methodology used to determine deferred taxes, the procedures for reporting accounting changes and error corrections, the rationale behind establishing the subsidiary, what my professional responsibilities are as a CPA, and the difference between a review and an audit.Methodology Used to Determine Deferred TaxesThe methodology used to determine deferred taxes deals with the basic principles of accounting for income taxes. According to FASB, Summary of Statement 96, all of the following basic principles are applied in accounting for income taxes at the date of the financial statements: A current or deferred tax liability or asset is recognized for the current or deferred tax consequences of all events that have bee

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