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    GAAP accounting and tax accounting

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    What is the difference between GAAP accounting and tax accounting.

    © BrainMass Inc. brainmass.com May 20, 2020, 3:56 pm ad1c9bdddf
    https://brainmass.com/business/GAAP/gaap-accounting-and-tax-accounting-151223

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    GAAP accounting is designed to provide a fair and accurate assessment of a firm's financial condition. Tax accounting is designed to produce a verifiable tax base and, in some cases, to provide incentives to firms for undertaking particular activities (e.g., Accelerated Cost Recovery System (ACRS) depreciation).

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    What is the difference between GAAP accounting and tax accounting.

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