All of the following are income tax disclosures required by GAAP except:

Question

Quizplus · Accepted Answer

GAAP requires disclosures of total deferred tax assets and liabilities, valuation allowances, and the causes of deferred tax assets and liabilities. However, it does not require a breakdown of deferred taxes into those arising from permanent differences and those from temporary differences. Permanent differences affect either taxable income or financial income but not both, and do not create deferred taxes.

All of the Following Are Income Tax Disclosures Required by GAAP