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Accounts for Federal Contracting Compliance: Key Requirements and Recommendations

CPA Practice

By Jim Wesloh Navigating the challenging landscape of cost accounting within the framework of federal contracting requires an understanding of both the Federal Acquisition Regulation (FAR) and Generally Accepted Accounting Principles (GAAP).

Account 121
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What is a provision for income tax and how do you calculate it?

ThomsonReuters

To make things more complicated, most accounting departments use Generally Accepted Accounting Principles (GAAP) to calculate their financial position. GAAP procedures differ in important ways from income tax accounting rules. Calculate the current year’s temporary differences.