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ACC 499 Week 10 DQ 1 Taxes and DQ 2 Bethlehem Steel
Corporation's
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Week 10 Discussion 1
"Taxes" Please respond to the following:
· From the e-Activity, create a scenario reflecting the differences
between GAAP and international accounting standards for taxes.
Determine which reporting standard best reflects financial reporting
for taxes, and support your position.
· Examine the impact of FIN 48 (Accounting for the Uncertainty in
income taxes) on GAAP reporting. Identify the benefits of the
requirements on financial reporting. Assess whether FIN 48 was
necessary, and support your position.
Week 10 Discussion 2
"Bethlehem Steel Corporation's Deferred Taxes"Please respond to the
following:
· From the case study, evaluate Bethlehem Steel’s valuation allowance
in relation to the company’s ability to use deferred tax benefits in the
future. Justify the position taken by Bethlehem Steel in the financial
statements.
· From t he case study, clarify the temporary differences identified in
the tax footnote to Bethlehem Steel’s 2000 10-K due to employee
benefits, depreciable assets, and the tax loss carried forward. Indicate
what a user of the financial statement information can glean from
reading the tax footnote to Bethlehem Steel’s 2000 10-K.
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