Truthfulness or trib-truthfulness of financial reporting?
A historical analysis. II. Analysis of the historical evolution from the Visentini reform to today
In this volume has discuss in detail the concept of tax interference from Law Visentini to today.
To complete what has already been illustrated and to underline some peculiarities of the phenomenon of tax pollution of financial reporting, we report below some observations that may help to understand better the reasons of tax interferences in profit and loss statement, balance sheet and notes as well as in the cash flow statement.
As already pointed out that in many entrepreneurial realities of our country, it can identity financial reports, frequently, characterized by a trib-veridicality, fiscal evaluations by a “truthfulness” influence. As can be easily understood, the values recorded in such a document do not identify “economically truthful” data but rather represent values relevant in different areas (in this specific case, tax) from the one we are interested in.
In addressing the issue of tax interferences and the identifiable relationship between general accounting/financial reporting and taxable income, we intend to focus our attention on possible interrelationships/interconnections of data deriving from the application of economic/business/civil law valuation principles and values quantified based on rules dictated to determine taxable income.
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