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Myers and Collins of the future income taxes would be a result of earning the taxabl e revenue in the future, in conjunction with the past events. The th ird criterion, that the obligation for future income taxe s must not be a r esult of f uture events, alone or in conjunction with past events, wouldn’t be met (Rosenfield and Dent, 1983, p. 50). On this basis, Rosenfield and Dent (Rosenfi eld and Dent, 19 83) supp orted elim inating APB Opinion No. 11 from GAAP. In summary, the responses to t he discussion memorandum showed that t he ghosts of discontent surrounding the income tax issue had not been laid to rest. This was the FASB’s chance to clarify this hotly debated issue, but, alas, they did not. In 1984, the FASB “decided tha t things are best left alone” (Gleick, 1984). What appears to have happened is that the FASB received many negative comments from corporate officials. Many corpor ate officials were reluctan t to give their inco me figures this boost. They prefer to use conservative esti mates in case they cannot continue to purchase new as sets, or depreciation laws change. After listen ing to such negative co mments, the board moved recently to retain the old method of accounting for deferred tax liabilities (Gleick, 1984, p. 119). The FASB obviously was swayed more by public pressure than by normative accounting theory. Businesses are obviously more concerned with how difficult a standard is to i mplement and how it will make them look in co mparison to other companies, rather than wh ether or not the presentation in the statem ent is a fair reflection of their position. They were com fortable with deferred taxes. “We’ve lived with deferred taxes for 16 y ears, we understand them now and we don’t want drastic revisions”, say s Eugene Flegm , dep uty assistant com ptroller at General Motors. “Businesses don’t like to keep changing the size of the playing field” (Andresky, 1984, p. 206). CONCLUSION Regardless of how corporate officials felt about the deferred tax issue and how change would impact their organization, it was apparent that the deferred tax account was growing to a material amount on many balance sheets. If the account was not reversing out as originally thought, because of both larger and larger purchases of group assets and changes in tax rates by the time any of the account did reverse, then something needed to change. The FASB, realizing the complexities still requiring resolution, replaced APB Opinion No. 11 with SFAS 96 in 1987. Delayed three times from implementation, SFAS 96 was replaced in 1992 by SFAS 109. But the standard setting environment and political pressures surrounding these pronouncements is but another story yet to be told. REFERENCES Accounting Standards Original Pronouncements July 1973-June 1, 1986 (1986). Financial Accounting Standards Board, Stamford, Connecticut. Andresky, Jill (1984). "Leaving Well Enough Alone." Forbes, May 7, 2006. ASBBS E-Journal, Volume 4, No.1, 2008 168
Accounting for Income Taxes 1920-1984 Davidson, Sidney, Steven F. Rasch and Roman L. Weil (1984). "Behavior of the Deferred Tax Credit Account, 1973-1982." Journal of Accountancy, October, 138-150. Defliese, Phillip L., Paul Rosenfield and William C. Dent (1983). "No More Deferred Taxes." Journal of Accountancy, February, 44-55. Financial Executive (1968), "APB Opinion No. 11 Accounting for Income Taxes." February, 40. Financial Executive (1968). "APB Announcement on 'Accounting for Deferred Income Taxes” January, 18. Financial Executive (1983). "FASB Takes First Step on Income Taxes." November, 8. Gleick, Betsy (1984). "No News is News." Forbes, September 10, 119. Hawkins, David F. (1968). "Controversial Accounting Changes." Journal of Accountancy, May, 63-66. Jerston, Jan E. (1965). "Analyst's View of Deferred Income Taxes." The Accounting Review, October, 812-13. Journal of Accountancy (1967). "Price Waterhouse, Lybrand Comment on Deferred Taxes." September, 14-16. Journal of Accountancy (1967). "Treasury Department Opposes Tax Deferral as Proposed in Exposure Draft of APB Opinion." December, 7-8. Journal of Accountancy (1968), "APB Approves Ballot Draft of Income Tax Opinion." January, 7-8. Masheb, Clifford M. (1966). "A Study of the Indeterminate Credits in Balance Sheets." The New York Certified Public Accountant, March, 193-99. Mateer, William H. (1965). "Tax Allocation: A Macro Approach." The Accounting Review, July, 583-86. Moonitz, M. (1957). “Income Taxes in Financial Statements,” The Accounting Review, Vol. 32, No. 2, 175-183. Perry, Raymond E. (1966). "Comprehensive Income Tax Allocation." Journal of Accountancy, February, 23-32. Price Waterhouse & Co. (1967). "Is Generally Accepted Accounting for Income Taxes Possibly Misleading Investors?" Financial Executive, September, 70-75. Rayburn, Frank R. (1986). “A Chronological Review of the Authoritative Literature on Interperiod Allocation 1940 to 1985,” Accounting Historians Journal, Vol. 13, Fall, 89+. Revsine, Lawrence (1969). "Some Controversy Concerning ‘Controversial Accounting Changes’." The Accounting Review, April, 354-358. ASBBS E-Journal, Volume 4, No.1, 2008 169
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ASBBS eJournal Volume 4, No.1, 2008
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THE SUPREME COURT GRANTS CERTIORARI
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Deductibility of investment fees…
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Mellon Bank, N.A. v. United States,
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Browning Questions for consideratio
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Browning to fully realize each of t
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Browning email and document exchang
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Browning VirtualOfficeInternational
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Dhareshwar and Bacon poor earnings
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Dhareshwar and Bacon study as it is
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Dhareshwar and Bacon AER 0 -0.02 -0
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Dhareshwar and Bacon shows the exis
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Fekula and Hornyak of qualit y rese
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Fekula and Hornyak order of authors
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Fekula and Hornyak Cumulative % of
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Fekula and Hornyak 3 Figure 3 allow
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Fekula and Hornyak Alonso, C.J., Da
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Fekula and Hornyak WA St Louis 4.1
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Fekula and Hornyak VA Commonwealth
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Grady, Maniam and Leavell economic
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Grady, Maniam and Leavell my brothe
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Grady, Maniam and Leavell Financial
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Grady, Maniam and Leavell security
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Grady, Maniam and Leavell Berghel,
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Mining for Knowledge..Higher Ed sho
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Mining for Knowledge..Higher Ed hea
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Mining for Knowledge..Higher Ed Ano
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Mining for Knowledge..Higher Ed Sol
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Kehoe and Whitten of no trust betwe
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Kehoe and Whitten economies. So why
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Kehoe and Whitten your view, what i
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Kehoe and Whitten system. Two facto
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Kehoe and Whitten Soon-Yond, Hong (
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King and Case Brigadier General or
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King and Case The Morning Report Bo
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King and Case Since soldiers were g
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King and Case It is evident from th
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King and Case example, officers who
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King and Case In an effort to contr
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King and Case The first control act
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King and Case APPENDIX - REPORT 1 A
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Kinsler and Bacon The purpose of th
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Kinsler and Bacon The study selects
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Kinsler and Bacon AA Alcoa July 12,
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Kinsler and Bacon ELON -0.00155802
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Kinsler and Bacon Chart 1: AVERAGE
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Kinsler and Bacon Marks, Kenneth R.
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Koyame-Marsh with Angola and Congo
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Koyame-Marsh in the 1980s while the
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Koyame-Marsh Table B1. Congo’s Ke
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Koyame-Marsh UNITA’s war against
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Koyame-Marsh Given the fact that fo
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