every accountant needs to understand the issues pertaining to accounting
> for income taxes. Please review your chapter on this topic and summarize
> the key issues. Please include the pronouncements relevant to this topic. I
> am looking for you to identify them and have a good command of them. If you
> fail to address the pronouncements, you will not earn points for this
> posting.
>
> Please find at least on article online to support your posting and include
> a link. Remember to cite and provide a bibliography.
> APA 2sources

preview of the answer..

In accounting, several companies overlook issues such as deferred tax assets and liabilities in their financial reporting. According to Accounting Standards Codification 740, there are requirements or guidelines provided for accounting for income taxes and deferred taxes, moreover the factors to be considered during the determination of whether a valuation allowance should be established. One of the main requirements set by ASC is the acknowledgment of the anticipated taxes payable or refundable on a company’s tax returns for the year as a tax asset or liability (Liu, October 2013)…

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