Under GAAP, a corporation can defer reporting the U.S. tax expense related to the earnings of foreign subsidiaries, by taking into account its repatriation plans for these earnings.

Question

Quizplus · Accepted Answer

This statement is true under GAAP. However, it is important to note that the corporation must disclose its repatriation plans in the footnotes of their financial statements.

Under GAAP, a Corporation Can Defer Reporting the U