Reference no: EM132618551

Explain/true-false

Problem 1. Under iGAAP an affirmative judgment approach is used for recognizing deferred tax assets by recognizing assets up to the amount that is probable to be realized.

Problem 2. Under U.S. GAAP, the rate used to compute deferred taxes is either the enacted tax rate, or a substantially enacted tax rate (virtually certain).

Problem 3. Under iGAAP, a deferred tax liability is classified as current or noncurrent based on the classification of the asset or liability to which it relates.

Problem 4. Under iGAAP, all tax effects are charged or credited to income.

Problem 5. Under iGAAP, all potential liabilities associated with uncertain tax positions are recognized