Tax Court introduces financial statement materiality into the tax law.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on December 1, 1997. The length of the article is 2026 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The Tax Court erred in its 1997 Wal-Mart Stores memo when it gave priority to materiality language in its interpretation of 'best accounting practice' in relation to an unqualified audit opinion. The court misinterpreted professional auditing standards by making independently issued unqualified audit opinions evidence of both best accounting practices and clear reflections of income. The interpretation can result in an unwarranted expansion of legal tax practices and should be discarded on appeal.

Citation Details
Title: Tax Court introduces financial statement materiality into the tax law.
Author: Dennis J. Gaffney
Publication:The Tax Adviser (Magazine/Journal)
Date: December 1, 1997
Publisher: American Institute of CPA's
Volume: 28 Issue: n12 Page: 750(4)

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