Presentation and one set for preparation of income taxes

Assignment Help Accounting Basics

Reference no: EM13148770

FASB rules do not allow for the keeping of two different sets of accounting records. Ethics maintain that there should be only one set of accounting records and that it be comprehensive. It is also illegal to maintain a separate set of accounting records that are different from those that are expressly for the purpose of presenting them to creditors, the SEC and your investors. Yet, current practice is to have one set of books for financial statement presentation and one set for the preparation of income taxes. Is this "kosher" and why do you agree or disagree with the practice?

Reference no: EM13148770

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