Final answer:
The statement regarding IFRS and U.S. GAAP having the same principles regarding income taxes is false due to differences in methodology and recognition criteria for deferred tax assets and liabilities.
Step-by-step explanation:
The statement that IFRS on income taxes is based on the same principles as U.S. GAAP—comprehensive recognition of deferred tax assets and liabilities—is false. While both IFRS and U.S. GAAP require the recognition of deferred tax, there are differences in the methodology and criteria for recognition of deferred tax assets and how they are measured. For example, IFRS uses a balance sheet approach that focuses on the differences between the carrying amount of assets and liabilities and their tax base, while U.S. GAAP uses a comprehensive approach that includes timing differences along with the balance sheet approach. Additionally, the criteria under which deferred tax assets can be recognized, such as the probability of future taxable profits against which to utilize the tax assets, differ between the two sets of standards.