Accounting rules and tax reform focus of House hearing

02/9/2012 | Accounting Today

The effect that tax and financial accounting rules could have on tax reform was the subject of House Ways and Means Committee hearing. Chairman Dave Camp, R-Mich., noted that tax reform requires understanding how the financial accounting rules could influence the investment decisions of public companies. Witnesses, such as Michael D. Fryt, FedEx's corporate vice president of tax, urged Congress to maintain provisions for accelerated depreciation.

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