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Which will not result in a reversible difference

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Reference no: EM132704174

Problem 1: Under IFRS, end of the period adjustments may need to be made to income for all of the following reasons EXCEPT

A. income taxes must be filed in accordance with the Income Tax Act.

B. IFRS does allow for the taxes payable approach.

C. income taxes preparation may also be subject to provincial legislation.

D. IFRS does not provide guidance on allowable deductions for CRA.

Problem 2: Which of the following will NOT result in a reversible difference?

A. instalment sales

B. unrealized holding losses

C. fines and penalties

D. product warranty liabilities

Reference no: EM132704174

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