ISYS » Topics » Income Taxes

This excerpt taken from the ISYS 10-K filed Dec 14, 2006.

Income Taxes

Income taxes are accounted for using the asset and liability method under SFAS No. 109, “Accounting for Income Taxes” (“SFAS 109”), whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of assets and liabilities, and their respective tax bases, and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date.

 

F-14


Table of Contents

INTEGRAL SYSTEMS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended September 30, 2006, 2005 and 2004

 


 

1. Summary of Significant Accounting Policies (continued)

 

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