Commentary highlights issues with the liability method for deferred taxes, suggesting significant flaws in accounting standards.
Supports Paul Rosenfield's commentary in the September 1990 issue of the `Accounting Horizons' journal wherein he argues that the Financial Accounting Standards Board 96 is fatally flawed by opting for the liability method for deferred taxes. Balance sheets; Distinction between a valuation account and an allocation account; Need for tax allocation; Net-of-tax theory.
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Philip L. Defliese (1991) studied this question.
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