Comment Re:Tax Implications? (Score 1) 325
From the FAQ from the FASB:
Q: Does the statement change US TAX Law?
A: No. US Tax Law is established by the US Government. This statement has no impact on either federal or state tax law.
Basically, the tax you calculate and pay is based on tax laws, wich are different than FASB standards. The tax liability is brought back into the balance sheet, but it's calculated spearately, for tax purpouses.
Q: Does the statement change US TAX Law?
A: No. US Tax Law is established by the US Government. This statement has no impact on either federal or state tax law.
Basically, the tax you calculate and pay is based on tax laws, wich are different than FASB standards. The tax liability is brought back into the balance sheet, but it's calculated spearately, for tax purpouses.