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.
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