Business, 25.01.2021 22:50 hedaya

An entity prepares its financial statements on its income tax basis. The accompanying notes include a summary of significant accounting policies that discusses the basis of presentation and describes how that basis differs from GAAP. The dollar amount of the effects of the difference between the income tax basis and GAAP: A) Is required to be included only in the notes to the financial statements.
B) Is required to be included only in the auditor’s report.
C) Is required to be included both in the notes to the financial statements and the auditor’s report.
D) Need not be quantified and included in either the notes to the financial statements or the auditor’s report.

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An entity prepares its financial statements on its income tax basis. The accompanying notes include...