SFAS 109 definition
Examples of SFAS 109 in a sentence
Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their financial statement reported amounts under the provisions of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" ("SFAS 109") which has been applied for all periods presented.
The Company has adopted the provisions of SFAS 109, " Accounting for Income Taxes" .
SFAS 109 also sets forth the requirements for allocating current and deferred taxes among members of a controlled group.
Pursuant to SFAS 109 the Company is required to compute tax asset benefits for net operating losses carried forward.
The adoption of SFAS 109 changed ▇▇▇▇▇▇'▇ method of accounting for income taxes to the asset and liability approach.
Effective January 1, 1993, the Company adopted the provisions of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes", (SFAS 109).
Deferred Tax Accounting Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS 109), mandates an asset and liability method for computing deferred income taxes.
The impact of adopting SFAS 109 was to record an increase to capital in excess of par value of $15.3 million and a net deferred tax asset of $11.6 million arising from the recognition of previously existing credit carryforward items.
The adoption of SFAS 109 had no material impact on the Company's financial position or results of operations for the year ended December 31, 1993.
The impact of applying SFAS 109 on net income and earnings per share for the year ended June 30, 1993 was a reduction of $352,000 and $.03, respectively.