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Discussion: "Accounting for Income Taxes and Losses" Please respond to the following:
• From the e-Activity, compare and contrast the key similarities and differences between GAAP and IFRS with respect to income tax accounting. Analyze two tax differences and determine which difference would provide the greatest tax benefit to a corporation. Write a brief memo to the International Accounting Standards Board (IASB) that will convince the board to adopt the tax method that provides 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 example, situation, or scenario of this affection to support your response.
• below is the eactivity
• Go to the International Financial Reporting Standards (IFRS) Website to review authoritative guidance on accounting for income taxes, located at https://www.ifrs.org. Note: In the search engine, type in "accounting for income taxes". Be prepared to discuss.
Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's asset in that country. If expropriation is reasonably possible, a loss contingency should be:
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explain the ways in which the needs of internal and external users of accounting information are the same and
Discuss different possible interpretations of the concept of a group, and how these may relate to differences in styles of corporate governance and of company financing.
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