IFRS sets accounting rules,including depreciation,used to prepare Federal tax returns.

Name: IFRS sets accounting rules,including depreciation,used to prepare Federal tax returns.
Brand: Quizplus
Rating: 4.7 (43 reviews)

Question

Quizplus · Accepted Answer

IFRS is an international set of accounting standards and is not used to prepare Federal tax returns in the United States. The United States uses Generally Accepted Accounting Principles (GAAP) for financial reporting and the Internal Revenue Service (IRS) has its own set of rules for tax reporting.

IFRS Sets Accounting Rules,including Depreciation,used to Prepare Federal Tax Returns