Briefly Describe the Four Major Differences Between IFRS and GAAP

question 67

Essay

Briefly describe the four major differences between IFRS and GAAP in the measurement procedures used in accounting for deferred income taxes.

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Definitions:

Flooding

In psychology, a therapeutic technique involving exposure to a large amount of an undesirable stimulus in order to diminish the emotional response.

Intrapersonal

Relates to internal thought processes, personal values, and self-reflection within an individual.

Cognition

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.

Affects

Refers to the experience of feeling or emotion in psychological context.