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Compare accounting depreciation and tax depreciation.
The major differences between accounting depreciation and tax depreciation are as follows −
Accounting depreciation
It is prepared for accounting purpose.
It is based on International Accounting Standards Board (IASB) and accounting principles.
One can choose any depreciation method.
It is more accurate as compared to tax depreciation.
Tax depreciation
It is prepared for income tax purpose.
It is based on Internal Revenue service (IRS) regulations.
It uses accelerated depreciation method.
It is less accurate as compared to accounting depreciation.
Updated on 25-Jul-2020 06:57:13
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