An example of an expense involving real property that would not be deductible on federal income taxes is

Cougar, Inc., an IFRS reporter, estimates a deferred tax asset of $60,000 due to a basis difference in warranty liabilities. Management has assessed that it is probable that the firm will not realize 40% of the deferred tax asset. After recording the net deferred tax asset, Cougar's net income will ________ and assets will ________

A) increase by $24,000; increase by $24,000 B) decrease by $24,000; decrease by $24,000 C) increase by $60,000; decrease by $60,000 D) decrease by $60,000; increase by $60,000

U.S. GAAP and IFRS accounting is the same with regard to the lessor accounting for capital leases

Indicate whether the statement is true or false.