IMVAR INC Is a U

Multiple Choice

IMVAR INC is a U.S.-based Company with subsidiaries in both the United States and in Canada. The Company's Consolidated Financial Statements show a significantly higher net income when prepared under Canadian GAAP than under U.S. GAAP. What is the likely reason for this difference?

A) Different corporate tax rates in each country.
B) Timing differences which will reverse out in the future.
C) Differing reporting requirements in each country.
D) Currency fluctuations.