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Heres an excerpt from one AFs notes to its financial statements: Deferred taxes (in part)...

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Accounting

Heres an excerpt from one AFs notes to its financial statements:

Deferred taxes (in part)

Deferred tax assets related to temporary differences and carryforwards are recognized only to the extent it is probable that a future taxable profit will be available against which the asset can be utilized at the tax entity level.

Is this policy consistent with U.S. GAAP? Explain.

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