35 Miss. Code R. § 3-01-03-100
Current through May 31, 2024
Basis of accounting refers to the methodology under which income and expenses are recognized in financial statements and records. Every taxpayer must use a consistent accounting method to report income and expenses. The manner by which a taxpayer computes the amount of income, gains, losses, deductions and credits, and the tax year for which each item must be reported, constitutes the taxpayer's tax accounting method. The most commonly used accounting methods are the cash basis and the accrual basis.
35 Miss. Code. R. § 3-01-03-100