Question:SFAS 109 establishes standards of financial accounting and reporting for income taxes that are currently payable and for 

A the tax consequences of revenues and expenses included in taxable income in a different year from the year in which they are recognized for financial reporting purposes. 
B the method of accounting for the US Federal investment tax credit. 
C the discounting of income taxes. 
D the accounting for income taxes in general in interim periods. 

+ Answer
A 

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Zinia Islam

Editor, VCampus

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