Below is an extract from Cisco Systems 2012 Annual Report. What is the firms GAAP effective tax
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GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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A firms GAAP effective tax rate ETR is defined as the total tax expense divided by pretax book income Using Ciscos terms ETR provision for income taxesincome loss before the provision for income taxes ...View the full answer
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Related Book For
Taxes And Business Strategy A Planning Approach
ISBN: 9780132752671
5th Edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon
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