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FASB Statement No.109 addressed both interperiod and intraperiod tax allocation issues.Discuss both interperiod and intraperiod tax allocation methods.
On May 18, 2024
Intraperiod tax allocation allocates income tax expense for financial accounting purposes to several items of income, including (a)income from continuing operations, (b)results from discontinued operations, (c)extraordinary items, (d)the cumulative effects of changes in accounting principles, and (e)prior period adjustments.Interperiod tax allocation, on the other hand, involves the allocation of a corporation's income tax obligation as an expense to various accounting periods.