Unique Skill ID: BGS4844BA2B27DE505AF

Tax Provision

In financial accounting under International Financial Reporting Standards (IFRS), a provision is an account that records a present liability of an entity. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account on the entity's income statement. In U.S. Generally Accepted Accounting Principles, a provision is an expense. Thus, "Provision for Income Taxes" is an expense in U.S. GAAP but a liability in IFRS. 

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ASC 740 (Accounting For Income Taxes)
Accounting For Income Taxes
Corporate Tax
Deferred Tax
FIN 48
Federal Income Tax
Franchise Tax
International Taxation
State Income Tax
Tax Compliance

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