Source: The Tax Specialist Journal Article
Published Date: 1 Apr 2019
On 12 February 2002, Donald Rumsfeld said: There are known knowns; there are things we know we know. We also know that there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns " the ones we don't know we don't know. Tax people often exclaim, I'm no accountant! However, there are hundreds of references to accounting concepts, principles and standards that are relevant to the application of our tax laws. Further, new global accounting standards are changing previously understood accounting methodologies and there is an ever-increasing focus of regulators on understanding accounting to tax differences. Therefore, it is time to get up to speed with what accounting means to the world of tax. Because, if tax people stay in the dark, there is a risk that our tax laws could become a playground full of sleeping giants and silent killers that will feed off a lack of accounting knowledge and understanding by the very people responsible for applying the laws.
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