- *income (definition 2) calculated under *Generally Accepted Accounting Principles and income calculated according to *taxation rules. Temporary differences originate in one *fiscal year and reverse in another. Contrast *permanent difference.
Auditor's dictionary. 2014.
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timing difference — 1. An inconsistency between the timing of the accounting of an item and the timing of its underlying circumstances. 2. A difference between *income (definition 2) calculated under *Generally Accepted Accounting Principles and income calculated… … Auditor's dictionary
permanent difference — A difference between *income (definition 2) calculated under *Generally Accepted Accounting Principles and income calculated according to *taxation rules. Permanent differences are never resolved or reversed. Contrast *temporary difference … Auditor's dictionary
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