There is a difference between Internal Revenue Service code and generally accepted accounting principles for reporting tax liability.
A pension is a contract for a fixed sum to be paid regularly to a person, typically following retirement from service.
There are two types of leases: capital leases and operating leases and each has a different accounting methodology.
Despite best efforts, occasionally an error is made on the financial statement and must be corrected.
Disclosures provide additional information about the specific data on the company's financial statements.
