This creates a deferred tax asset because the company is taking a financial statement
deduction that is not currently deductible for income tax purposes.
New York was the first state to begin to regulate insurers on a systematic basis with an 1827 law requiring every bank or insurance company to file an annual sworn statement
of its affairs with the state comptroller, setting forth the amount of its capital; the value of its real estate; the shares of stock held; debts owing to the corporation; debts owed by the corporation; claims not acknowledged as debts; and the amount for which the corporation is bound as surety.
26.2632-1 (b)(2)(iii)(D), a properly filed election-out statement
does not affect the application of the automatic allocation rules to indirect skips not covered in the election-out statement
These recommendations apply to the conduct of professional accountants and auditors, and the financial statements
with which they are associated, for both SEC registrants and for nonpublic companies and organizations with substantial outside capital or public trust.
Father Prieur says that the WS needs to be taken in context with two other statements
of the Canadian Bishops: a second statement
in April of 1969 and a third Statement
on Conscience in 1973.
In addition to these new standards, the ARSC also has issued updated illustrative engagement letters for compilation of financial statements
, compilation of financial statements
not intended for third-party use, and review of financial statements
For inspiration, I'd recommend reading The Mission Statement
Book: 301 Corporate Mission Statements
from America's Top Companies by Jeffrey Abrahams (Ten Speed Press; $24.95).
#3: "--provides leadership for our community's future through innovative experiences and environments for learning."
The authors wanted to find out whether two elements of statement
analysis can identify accurate and complete statements
Surviving a real turnaround, which begins with a seemingly simple mission statement
, often is a more difficult journey than the road to bankruptcy.
They may be sued for fraud or gross negligence if the third party could be expected to rely on fraudulent financial statements
Whereas the specific issues will vary by company and tax jurisdiction, the effect on the financial statement
process is the same: In-house tax advisers make an assessment -- an informed, but subjective judgment -- of the nature of the issues and the scope and degree of potential or actual controversies with applicable tax authorities about the proper interpretation of the law.