Hello!

Gardenia afternoon

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 GROUP 2
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Tax Laws Versus
GAAP and GAAS
 Tax laws
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◈ It covers the rules, policies and laws that
oversee the tax process, which involves
charges on estates, transactions, property,
income, licenses and more by the
government. Taxation also includes duties on
imports from foreign countries and all
compulsory levies imposed by the
government upon individuals for benefit of the
state.
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 GAAP
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◈ Generally accepted accounting principles (GAAP)
refer to a common set of accepted accounting
principles, standards, and procedures that
companies and their accountants must follow
when they compile their financial statements.
GAAP is a combination of authoritative standards
(set by policy boards) and the commonly
accepted ways of recording and reporting
accounting information. GAAP improves the
clarity of the communication of financial
information.
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 GAAS
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◈ Generally accepted auditing standards
(GAAS) are a set of systematic guidelines
used by auditors when conducting audits on
companies' financial records, ensuring the
accuracy, consistency, and verifiability of
auditors' actions and reports. The Auditing
Standards Board (ASB) of the American
Institute of Certified Public Accountants
(AICPA) created GAAS.
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 Internal revenue laws
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◈ Internal revenue laws are neither

political nor penal in nature
although there are penalties in
case of violations. Tax laws are
civil in nature
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 “
In this world
nothing is certain
but death and
taxes
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Thanks!

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