Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281



Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem

How is the reporting of income taxes paid different under IFRS compared to U.S. GAAP?

To determine

Explain differences among IFRS and GAAP in regard to recording of income tax.


International Financial Reporting Standards: They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. GAAP is also created and developed by International Accounting Standards Board (IASB).

Operating activities: Operating activities include cash inflows and outflows from business operations...

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