The Basis for Both U

The basis for both U.S.GAAP and IFRS requirements for income tax accounting for financial reporting purposes focuses on which of the following financial reporting objectives?

A) recognizing the amount of taxes payable in the current year, only.
B) recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of temporary differences, only.
C) recognizing the amount of taxes payable in the current year, and recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of temporary differences.
D) recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of permanent differences, only.
E) recognizing the amount of taxes payable in the current year, and recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of permanent differences.