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Travis_0004

(5,417 posts)

25. I hate to break the news to you, but just about every corporation in america keeps two sets of books

Reply to leftyohiolib (Reply #16)

Sun Jan 22, 2012, 02:14 PM

Jan 2012

One set of books is for the IRS, following IRS rules and regulations.

A second set of books is following GAAP or IFRS rules and regulations.

The goal is to minimize the income reported to the IRS, and maximize the income reported to the SEC. This is not illegal, and is quite common. The IRS and GAAP/IFRS all have different rules and regulations, so in some cases keeping one set of books and following all rules might be difficult or impossible.

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26 replies

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Highlight:

Boehner Threatens To Hold Payroll Tax Holiday Hostage To Approval Of Keystone XL [View all] cal04 Jan 2012 OP

I wish he would bigtree Jan 2012 #1

That prick had better back off. nt mfcorey1 Jan 2012 #2

This ProSense Jan 2012 #3

Payroll Tax Holiday Act: Bad Politics, Bad Policy FreakinDJ Jan 2012 #4

Hmmm? ProSense Jan 2012 #8

a doctor fix is absolutely necessary. FreakinDJ Jan 2012 #11

I can't imagine that will go over well. Nt abelenkpe Jan 2012 #5

The GOPBaggers would sink the ship with all aboard, if it suited their perverted agenda. SoapBox Jan 2012 #6

They keep making threats BumRushDaShow Jan 2012 #7

Geeze! Dyedinthewoolliberal Jan 2012 #9

Wadda surprise, more freakin' Kabuki Theater. 99Forever Jan 2012 #10

I believe both Boner and Norquist have financial interests in the pipeline..n/t monmouth Jan 2012 #12

Fuck John Boehner. boxman15 Jan 2012 #13

And ProSense Jan 2012 #15

Who is Boehner? LiberalEsto Jan 2012 #14

John Boy jumped the shark. nm rhett o rick Jan 2012 #22

we know how this will go.environmental protects will be bypassed. desgin flaws overlooked leftyohiolib Jan 2012 #16

I hate to break the news to you, but just about every corporation in america keeps two sets of books Travis_0004 Jan 2012 #25

well that was very intreresting but those arent the two books im talking about leftyohiolib Jan 2012 #26

Why can't we just have "clean bills" anymore? Proud Liberal Dem Jan 2012 #17

and he'll lose again. Not too bright. MjolnirTime Jan 2012 #18

I want a hell of a lot more than a payroll tax holiday to approve that Johonny Jan 2012 #19

Repukes really are like infants refusing to poop. Zoeisright Jan 2012 #20

Good ... he'll look like a fool AGAIN, and then have to cave in AGAIN. JoePhilly Jan 2012 #21

Great! Fuck the XL Pipeline AND the payroll tax holiday! The tax holiday was supposed to be a... Poll_Blind Jan 2012 #23

So he recieved his orders from his corporate owners! liberal N proud Jan 2012 #24