Five Things Non-Accountants Should Know About Accounting. Christopher J. Ohmes Partner Ernst & Young Washington, D.C. Five Things Non-Accountants Should Know About Accounting. 1. Everybody thinks everybody else’s data is good data.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Christopher J. Ohmes
Ernst & Young
1. Everybody thinks everybody else’s data is good data.
2. The financial accounting rules countenance a certain amount of imprecision. Tax rules favor objectivity and administrability.
3. Tax accounting methods are often derived from financial accounting practices.
4. The newly adopted FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), seeks to impose more structure around the reporting rules associated with accounting for income taxes.
5. The basis upon which financial information is generated may differ from the manner in which information is reported to the IRS.