Accounting for Income Taxes and Losses Please respond to th

Accounting for Income Taxes and Losses’ Please respond to the following:Week 3 eactivityGo to the InternationalFinancial Reporting Standards (IFRS) Website to review authoritativeguidance on accounting for income taxes, located at Note: In the search engine, type in “accounting for income taxes”. Be prepared to discuss.From the e-Activity, compare and contrast the key similarities anddifferences between GAAP and IFRS with respect to income tax accounting.Analyze two (2) tax differences and determine which difference wouldprovide the greatest tax benefit to a corporation. Write a brief memo tothe International Accounting Standards Board (IASB) that will convincethe board to adopt the tax method that provides the greatest tax benefitto corporations.Differentiate between a loss carryback and loss carryforward.Explain the way in which carrybacks and carryforwards affect thereporting of deferred tax assets and deferred tax liabilities. Provideone (1) example, situation, or scenario of this affection to supportyour response.