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Why Is the Taxes Payable Method Not an Accepted Approach

question 45

Essay

Why is the taxes payable method not an accepted approach under IFRS? What difference explains why ASPE permits this approach in addition to the accrual approach?

Interpret the impact of set prices above or below the equilibrium on market conditions.
Determine equilibrium quantity in various market scenarios.
Determine equilibrium price in different market scenarios.
Understand the regulatory and reporting requirements for corporations whose stock is traded on major stock exchanges.

Definitions:

AIG

American International Group, Inc., a multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.

Liquidated Debt

A debt for which the exact monetary value has been determined and acknowledged by all parties involved.

Accord And Satisfaction

Accord and Satisfaction is a legal agreement between parties to settle a dispute by agreeing on a payment that is different from what was originally owed.

Unliquidated Debt

A debt for which the exact amount has not been determined.

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