RE: Depreciation...

<Cross-posted from the M-L tech list.  I'd suggest any follow-ups be made
here.>


SFAS...?  You mean they don't issue FASBs anymore?  Are they the same
concept?

In any event, my knowledge of accounting is dated.  It changes much more
slowly than IT (sort of on the scale of the movement of glaciers...;-) but
it certainly changes.


Also, I didn't mean to imply that the IRS and FASB...  I believe that it
would be correct to say, then, that U.S. tax law is based on GAA, and
therefore SFAS.  As you said, the IRS is tasked with issuing interpretations
of U.S. tax law.


This is my understanding, anyway, although my knowledge is somewhat dated.
(The courses I lacked in getting my Assoc. in Accounting happened to be the
2 tax courses.  Probably because I knew there would be no logic to
them...;-)


Thanks, Donald.

jt


"Have a GREAT day...!  And a BETTER ONE TOMORROW~~~:-)" (sm)


> -----Original Message-----
> From: midrange-l-admin@midrange.com
> [mailto:midrange-l-admin@midrange.com]On Behalf Of Fisher, Don
> Sent: Monday, November 12, 2001 7:54 AM
> To: 'midrange-l@midrange.com'
> Subject: RE: Depreciation...
>
>
> One minor point JT, the IRS does not issue rulings based on
> FASBs, which is
> a private organization that issues pronouncements called Statements on
> Financial Accounting Standards (SFAS) and has no relationship to the IRS.
> The IRS issues rulings based solely on U.S. tax law and related court
> rulings and nothing else.
>
> Donald R. Fisher, III
> Project Manager
> The Roomstore Furniture Company
> (804) 784-7600 ext. 2124
> DFisher@roomstoreeast.com
>
>
> <clip>
> The IRS issues their rulings on how to collect taxes, based on
> FASBs.  Sort
> of like fatwahs...;-)
> <clip>
> jt
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