外文翻译--税法应如何遵从会计制度

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1、 1 1000 单词， 5300 英文字符 ,2070 汉字 出处： Karen Andrea D. Torres: ”How tax follows accounting”, , May ,2008 How tax follows accounting It has been a common misconception that tax and accounting are worlds apart. Whereas present accounting standards are already leaning towards valuation at fair market value

2、s, tax, on the other hand, is generally construed to be at cash and historical cost basis. The confusion seems to have stemmed from the fact that, once upon a time, cash-basis accounting was generally accepted and assets were valued at their acquisition cost, without any reference to their markets.

3、Despite the introduction of accounting standards limiting the usage of cash- basis accounting to small entities, and historical cost accounting to assets witho ut any active market, the view on taxation vis-a-vis accounting has not changed. Perhaps what should be made clear is that tax generally fol

4、lows accounting. 1. General differences between accounting and tax Though accounting standards are principles-based, meaning there is leeway for judgment, and tax is embodied in laws wherein strict adherence is required, the Tax Code itself states that, generally, the taxable income of an entity sha

5、ll be computed upon the basis of the taxpayers method of accounting it regularly employs in keeping its books. What the law only requires is that this method of accounting should clearly reflect and represent the true income of the taxpayer, and that this method is consistently applied. Only in such circumstances when the method employed is unfaithful to the taxpayers veritable income that the tax regulations step-in and impose what they deem to be more appropriate. As early as Revenue Regulations No. 2, it has been laid down that income and Karen Andrea D. Torres: ”How tax follows ac