This Article highlights that federal financial reporting's failure to accrue future years' tax revenue effects of taxpayers' temporary book-tax differences leads to omission of trillions of dollars of net “federal deferred tax assets” and related distortion of true annual deficits. This...

In this study, we examine two questions: (1) whether financial statement aggressiveness related to tax accounts is associated with the likelihood of having tax-related misstatements in the financial statements, and (2) whether the disclosure of the need to restate prior years' financial...