Alexandria, Va. (Nov. 21, 2002) -- The National Society of Accountants has formulated a set of Tax Accounting Standards for Small Business.
The TASSB rules provide presentation, reporting and disclosure requirements when an accountant prepares financial statements for submission to clients or third parties, and are based on the principles or accounting used in the Internal Revenue Code. Until NSA formulated the TASSB standards, there were no guidelines specifically focused on preparing financial statements for small- and medium-size businesses.
"Small to medium sized businesses are the backbone of the U.S. economy," said James H. Nolen, Chair of the Accounting Standards Committee that drafted the standards. "That's why we are excited that we are able to offer a new reporting alternative for accounting firms. TASSB is short, readable and practical, making it user friendly and viable without sacrificing quality or burdening the practitioner with volumes of regulations."
After the comment period ends on January 17, 2003, these standards will be finalized and then submitted to regulatory, credit, educational and professional accounting organizations. The TASSB exposure draft may be viewed here.
-- Electronic Accountant Newswire staff
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