House Ways and Means Sets Hearings on Tax and GAAP
The House Ways and Means Committee, chaired by Rep. Dave Camp (R-MI), has annouced it will convene two hearings on the interaction of tax policy and U.S. Generally Accepted Accounting Principles (GAAP). The first hearing will take place on Tues. February 8.
According to the hearing advisory: "The [first] hearing will focus on the interaction of tax policy and financial accounting rules (such as Generally Accepted Accounting Principles, or “GAAP”), and how this interaction affects how publicly-traded companies respond to tax policy. The second hearing will focus on the special challenges faced by small and closely-held businesses that are less concerned with GAAP but must confront tremendous complexity in dealing with tax accounting and related rules such as choice of entity."