Accounting for Income Taxes and LossesE Activity:Go to the International Financial Reporting Standards (IFRS) Website to review authoritative guidance on accounting for income taxes, located at http://www.ifrs.org. Note: In the search engine, type in “accounting for income taxes”. Be prepared to discussIn a short answer form, From the e-Activity, compare and contrast the key similarities and differencesbetween GAAP and IFRS with respect to income tax accounting. Analyze two (2) taxdifferences and determine which difference would provide the greatest taxbenefit to a corporation. Write a brief memo to the International AccountingStandards Board (IASB) that will convince the board to adopt the tax method thatprovides the greatest tax benefit to corporations. Differentiate between a loss carryback and loss carryforward. Explain the way in which carrybacks and carryforwards affect the reporting of deferred tax assets and deferred tax liabilities. Provide one (1) example, situation, or scenario of this affection to support your response ………………..Answer Preview………………..To: International Accounting Standards BoardsFrom: (Insert you name here)Date: October 20, 2016Subject: Tax method that benefits corporations The accounting information system is usually guided by many accounting systems and some include the GAAP and IFRS systems. Both these systems follow the rule of double entry while filling out transactions of a company (Ault, and Arnold, 2010). The differences of these systems on deferred tax, in respect to the IFRS standards the deferred tax is classified as a non-current asset or liability, while for…..APA480 words as low as5.00 – Added to cart
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