2026 Professional Ethics for Louisiana CPAs in NonPublic Practice (Answer)
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Discussion Question #13
A member in business and industry should not follow the Accounting Standards Codification under Rule ET 2.320.001 in which of the following circumstances?
a. Preparing US GAAP financial statements issued to a bank
b. Preparing US GAAP financial statements subject to audit by a CPA firm
c. Preparing income tax basis financial statements <– Correct Answer
d. Preparing budgets based on US GAAP
Watch the video below to see an explanation for the answer.