Summary annual report

Article Abstract:

Iowa Resources Inc changed its financial reporting structure to a summary annual report (SAR) format in 1987. The intent of adopting the SAR format was to make a company's financial reports readable and understandable and to save money. The SAR included financial highlights; basic financial statements; and a narrative discussion of the included data. Major problems encountered in creating the SAR included completing proxy statement financial data before SAR financial data was completed; coordinating legal and public affairs sections to preclude differences in financial reporting; and forwarding financial data to the Securities and Exchange Commission for comment. Due to shareholders' distaste for the format and a lack of cost savings, Iowa Resources did not use the SAR format in 1988.

Analysis, United States. Securities and Exchange Commission, Corporation reports, Company reports, Iowa Resources Inc.

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SFAS No. 96: the new age of tax accounting

Article Abstract:

The Financial Accounting Standards Board has issued Statement of Financial Accounting Standards (SFAS) No. 96, "Accounting for Income Taxes," which switches the accounting of income taxes from the deferred method to the liability method. The SFAS No. 96 rules suggest the liability method can be used to recognize a tax liability for future tax consequences of each asset and liability on a balance sheet.

Professional organizations, Standards, Tax accounting, Income tax, Financial Accounting Standards Board

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