Compare and contrast the key similarities and differences between GAAP and IFRS with respect to income tax accounting. Analyze two (2) tax differences and determine which difference would provide the greatest tax benefit to a corporation. Write a brief memo to the International Accounting Standards Board (IASB) that will convince the board to adopt the tax method that provides the greatest tax benefit to corporations.
• Differentiate between a loss carry back and loss carry forward. Explain the way in which carry backs and carry forwards affect the reporting of deferred tax assets and deferred tax liabilities. Provide one (1) example, situation, or scenario of this affection to support your response