In general,the purpose of ASC 740 (SFAS 109)is to compute and disclose the actual taxes paid by a business entity to state,local,Federal,and foreign governments for the current year.

Question

Quizplus · Accepted Answer

The purpose of ASC 740 (SFAS 109) is to calculate and report the income tax expense and deferred tax assets and liabilities in financial statements. It focuses on the recognition, measurement, presentation, and disclosure of income taxes.

In General,the Purpose of ASC 740 (SFAS 109)is to Compute