IAS No.12,"Income Taxes," contains the provisions relating to accounting for income taxes.The international standard is similar to U.S.GAAP in that it uses the asset and liability approach for recording deferred income taxes.There are some differences between IASB standards and U.S.GAAP relating to the asset-liability approach,recognition,measurement,disclosure criteria,and implementation,however.
Required:
Identify and discuss the differences between U.S.GAAP and IAS No.12 and other international standards.

Question

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The Answer of IAS No.12,"Income Taxes," contains the provisions relating to accounting for income taxes.The international standard is similar to U.S.GAAP in that it uses the asset and liability approach for recording deferred income taxes.There are some differences between IASB standards and U.S.GAAP relating to the asset-liability approach,recognition,measurement,disclosure criteria,and implementation,however.
Required:
Identify and discuss the differences between U.S.GAAP and IAS No.12 and other international standards.

IAS No12,"Income Taxes," Contains the Provisions Relating to Accounting for Income