26. Lis 2010
1
We have several analytical accounts for VAT payments – some of them show receivables and the others show payables to tax authorities. In CZ statutory accounting it has to be reported cumulatively – asset or liability side based on actual balance. How should it be reported from US GAAP point of view?
Re:
Napsal uživatel Mladek dne Pá, 11/26/2010 - 09:53.
Since the US does not have a VAT, US GAAP does not directly deal with this issue. However, since VAT receivable and VAT payable are not really two separate economic items (at any given time one either owes VAT to the government, or is owed a VAT refund from the government) reporting net VAT as either an asset or a liability would be proper even if the entiry used two separate accounts.