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What income taxes and the company should

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Reference no: EM132770465

Problem 1: Under IFRS 11: Joint Arrangements, how must joint ventures be reported by the venturers?

a. Fair value method

b. Proportional consolidation

c. Equity method

d. Either proportional consolidation or equity method

Problem 2: A company acquires equipment for $7,500, which is higher than its tax base. The acquisition is not part of a business combination. Under IAS 12: Income Taxes, the company should

a. recognize a deferred tax asset.

b. recognize a deferred tax liability.

c. recognize a capital gain.

d. not recognize any deferred taxes.

Reference no: EM132770465

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