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

question 61

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:

Human Instincts

Innate, biologically determined behaviors that are present at birth, driving individuals towards certain actions or responses without the need for learning, such as the instinct for survival.

Extrinsic Motivation

Motivation that is driven by external rewards such as money, fame, grades, or praise rather than internal factors.

External Reward

Motivation that comes from outside of the individual, often in the form of praise, money, or a physical reward.

Intrinsic Motivation

A drive to engage in activities for their own sake, deriving pleasure and satisfaction from the activity itself rather than from external rewards.