Reading 37: Income Taxes - LOS j ～ Q1 style, white, assets, between, difference

mayanfang1

Q1. One major difference between the presentation of deferred tax assets and liabilities under IFRS and under U.S. GAAP is that:

A)   a valuation allowance is presented only under U.S. GAAP.

B)   all deferred tax assets and liabilities are classified as noncurrent under IFRS.

C)   under IFRS deferred tax assets and liabilities are not adjusted for changes in the the firm’s actual tax rate.

mayanfang1

答案和详解如下：

Q1. One major difference between the presentation of deferred tax assets and liabilities under IFRS and under U.S. GAAP is that:

A)   a valuation allowance is presented only under U.S. GAAP.

B)   all deferred tax assets and liabilities are classified as noncurrent under IFRS.

C)   under IFRS deferred tax assets and liabilities are not adjusted for changes in the the firm’s actual tax rate.

Correct answer is B)         

Under U.S. GAAP, deferred tax assets and liabilities are classified as current or non-current according to the classification of the underlying asset or liability. Under IFRS, deferred tax assets and deferred tax liabilities are all classified as noncurrent, with footnote disclosure about the expected timing of reversals.

 

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