Reply to More Trump fraud: businesses keep 2 sets of numbers, one for taxes, the other to get loans

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]All large businesses maintain two sets of books. This is a simple fact of life for businesses in the US. It is discussed in Managerial Accounting courses in any college/university. This is because tax law and GAAP do not have to use the same basis for accounting.

Seeing liberals hyperventilating about a completely normal thing is par for the course.[/quote]

BS.  GAAP and tax accounting are different, but proper GAAP accounting gives you information to reconcile with tax accounting.

Providing made up numbets to lenders is a different matter altogether.[/quote]

LOL, are you arguing that there is but one way to do GAAP-compliant accounting? It is not a black or white decision to decide the proper treatment of transactions and balances. The decisions exist along a sliding scale between conservative and aggressive. Given the exact same set if businesses activities, there can be many many different Tax and GAAP-compliant outcomes. Just because the numbers are different or seem aggressive does not mean they are made up. [/quote]

I’m not arguing that GAAP doesn’t require judgements and interpretations.

I’m calling you out for vapidly defending Trump with an irrelevant point.  The finding of the investigation — supported by a number of professors— is that the financials given to lenders are fraudulent, not simply aggressive.

As the article said, “There can be legitimate reasons for numbers to diverge between tax and loan documents, the experts noted, but some of the gaps seemed to have no reasonable justification.”
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