Timing differences are now referred to as temporary differences.

Name: Timing differences are now referred to as temporary differences.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement is true. Timing differences between accounting and tax treatment are now referred to as temporary differences, as they are expected to reverse in the future. This term is used in International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) in the USA.

Timing Differences Are Now Referred to as Temporary Differences