Updated video:    • International Accounting Course  

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IAS 12, Income Taxes, and U.S. GAAP take a similar approach to accounting for income taxes. Both standards adopt an assetandliability approach that recognizes deferred tax assets and liabilities for temporary differences and for operating loss and tax credit carryforwards. However, differences do exist. The accounting for income taxes is a very complex topic, and only some of the major issues are discussed here.

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