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Explain the options a company has when converting its receivables to cash.
IFRS
International Financial Reporting Standards, a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.
GAAP
Generally Accepted Accounting Principles, a set of rules and standards designed to improve the clarity, consistency, and comparability of financial reporting across industries in the United States.
Deferred Income Taxes
Taxes owed for the current period but not yet required to be paid, due to differences between financial accounting and tax reporting.
Temporary Difference
Differences between accounting income and taxable income that are expected to reverse in the future, affecting deferred tax calculations.
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