Select the Term from the List That Best Matches the Description

question 126

Essay

Select the term from the list that best matches the description or definition.Enter the number of the best answer in the "Your Answer" column.

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Definitions:

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.