All of the following are conclusions reached by the FASB regarding accounting for deferred taxes except

A) the use of a present value approach is acceptable
B) interperiod tax allocation of temporary differences is appropriate
C) the comprehensive allocation approach should be applied
D) the asset/liability method of income tax allocation should be used

Deferred Taxes

Taxes applicable to income that is earned in one period but not payable until a future period due to differences between accounting and tax reporting.

FASB

The Financial Accounting Standards Board, the organization responsible for establishing and improving financial accounting standards in the United States.

Present Value Approach

A method to determine the current worth of a future sum of money or stream of cash flows given a specified rate of return.