U.S. GAAP and IFRS require complex procedures in accounting for income taxes. A deferred tax asset arises when
a. a firm recognizes an expense earlier for financial reporting than for tax reporting.
b. a firm recognizes an expense earlier for tax reporting than for financial reporting.
c. a firm recognizes a revenue earlier for financial reporting than for tax reporting.
d. a firm recognizes a revenue earlier for tax reporting than for financial reporting.
e. none of the above
A
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