Which of the following is/are true regarding U.S.GAAP and IFRS requirements for income tax accounting for financial reporting purposes?

Question

Quizplus · Accepted Answer

All of the choices are true regarding U.S.GAAP and IFRS requirements for income tax accounting for financial reporting purposes. A permanent difference never affects income tax expense, a temporary difference that implies a future tax deduction gives rise to a deferred tax asset, a temporary difference that implies a future increase in income tax payable gives rise to a deferred tax liability, and the accountant computes income tax expense using pretax amounts for financial reporting.

Which of the Following Is/are True Regarding U