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  Miscellaneous 2003

The Alignment of Tax and Financial Accounting Rules: Is it Feasible?

Source: Australian Tax Forum Journal Article

Published Date: 1 Apr 2003

 
It is a well recognised proposition that the existing Australian tax system is unnecessarily complex and inefficient. The alignment of financial accounting income and taxable income has for many years been suggested as a possible solution to some of the problems. This paper examines, in the current climate, the merits of aligning the financial accounting rules and tax laws. Specifically, this article suggests that although it is not feasible to have the existing tax laws conform to the financial accounting rules nor the existing financial accounting rules to conform to the tax laws, there is considerable conceptual merit in developing a new set of common rules that is used for both tax and financial accounting purposes.
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