WHICH OF THE FOLLOWING STATEMENTS MOST ACCURATELY DESCRIBES A VAL...

31. Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under: A. IFRS on revaluation of capital assets. B. U.S.GAAP if there is doubt about whether a deferred tax asset will be recovered. C. both IFRS and U.S. GAAP on tax differences arising from the translation of foreign operations.