As a direct response, this is not strictly true. The SEC and IRS require financials prepared under different accounting standards, due to a different focus of e

As a direct response, this is not strictly true. The SEC and IRS require financials prepared under different accounting standards, due to a different focus of each group (SEC - focused on overall profitability and activities of the Company; IRS - focused on cash flow and triggers of taxable events) I'm not familiar with the FINRA standards, but companies maintain their books and files to translate between SEC numbers ('book basis') and IRS basis ('tax basis')