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I've been informed that IFRS doesn't allows general provisions nowdays. But what about US GAAP? Specifically provisons for corporate tax expense and defferred tax liability?
in General IFRS Discussion by

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Both US GAAP & IFRS require provisions for corporate income tax and deferred tax. Income / deferred tax is governed by IAS 12 under IFRS. Under US GAAP it is ASC 740 which governs income / deferred tax.

Check out following resources for more details on the rules & principles used by IAS 12 & ASC 740

by Level 2 Member (3.9k points)