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Basic Question 2 of 5

____ the discounting of deferred taxes.

A. U.S. GAAP permits but IFRS does not permit
B. IFRS permits but U.S. GAAP does not permit
C. Neither U.S. GAAP nor IFRS permits
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User Contributed Comments 1

User Comment
nicholaslb the previous LOS says DTL should be discounted at an appropriate interest rate and the difference goes to equity. What is the difference with this question?
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Your review questions and global ranking system were so helpful.
Lina

Lina

Learning Outcome Statements

identify the key provisions of and differences between income tax accounting under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP).

CFA® 2024 Level I Curriculum, Volume 3, Module 24.