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TEI submits that, where recovery of an amount is highly speculative, the proper tax treatment, consistent with the generally accepted accounting principle of matching current expenses with current income, is to permit a current deduction for the levied charge.
FEW ISSUES INVOLVING THE PREPARATION of financial statements in conformity with generally accepted accounting principles have been more elusive and difficult to address and resolve--or of greater importance--than materiality.
The complexity of the features of the derivative or security may increase the complexity of measurement and disclosure considerations required by generally accepted accounting principles.
The difficulty arises when contractual requirements stipulate that future financial computations be based on an entity's financial statements "prepared in accordance with generally accepted accounting principles.
The related parties aspect of the audit is important because: Generally accepted accounting principles require disclosure of material related party transactions and certain control relationships; in the absence of adequate disclosure, financial statements may be distorted or misleading; and the instances of fraudulent financial reporting and misappropriation of assets have been facilitated by the use of an undisclosed related party.
The proposed SOP would provide guidance on accounting for investors' interests in unconsolidated real estate investments in financial statements prepared in conformity with generally accepted accounting principles.
The legislation is in direct response to a final rule adopted by the National Credit Union Administration (NCUA), which requires member credit unions to have external audits of their financial statements but does not require that the audits be based on generally accepted accounting principles or be audited by an independent licensed accountant.
Approximately 41% of the distribution is from income related to differences between generally accepted accounting principles and the tax accounting methods utilized by the Fund.
Regulation 87(c) states that, "Course subject matter must pertain to financial statement preparation and/or reporting (whether such statements are prepared on the basis of generally accepted accounting principles or other comprehensive bases of accounting), auditing, reviews, compilations, industry accounting, attestation services, or assurance services.
Over 40 current accounting standards within generally accepted accounting principles (GAAP) require (or permit) entities to measure assets and liabilities at fair value.
According to the investigation, IMAX issued a series of material misrepresentations in its filings with the Securities and Exchange Commission ("SEC") and press releases which failed to disclose that: (1) IMAX's financial results including its revenue recognition were materially misrepresented; (2) IMAX lacked adequate internal controls; and (3) IMAX's financial statements were presented in violation of Generally Accepted Accounting Principles.
Independently audited yearend financial statements for the latest year, prepared in accordance with generally accepted accounting principles, including an unqualified opinion.

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