Under IFRS, End of the Period Adjustments May Need to Be

question 3

Multiple Choice

Under IFRS, end of the period adjustments may need to be made to income for all of the following reasons except

• A)income taxes must be filed in accordance with the Income Tax Act.
• B)IFRS does not provide guidance on allowable deductions for CRA.
• C)IFRS does allow for the taxes payable approach.
• D)income taxes preparation may also be subject to provincial legislation.

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Definitions:

Lateralization

The propensity for specific brain functions or mental processes to have a dominance in one side of the brain over the opposite side.

Equalization

The process of making things equal or balanced in terms of value, status, or character.

Disequilibrium

A state of mental imbalance or confusion, often occurring when new information conflicts with existing beliefs or knowledge.

Amygdala

A part of the brain involved in experiencing emotions, particularly fear and pleasure.