In some countries, financial accounting and tax accounting are so closely related that there is very little need to account for deferred income taxes. Which of the following countries has a financial accounting system that is most different from its tax laws?

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The United States has a significant difference between financial accounting and tax laws, necessitating the need to account for deferred income taxes. This discrepancy is not as pronounced in countries such as Japan, Germany, or France.

In Some Countries, Financial Accounting and Tax Accounting Are So