Response to the following questions:
1. Why might depreciation on a company's financial statements be different from depreciation the company computed for income tax purposes?
2. How does a company's depletion for income tax purposes vary from its depletion for financial reporting purposes?
3. How do IFRS differ from U.S. GAAP in regard to determining if an asset is impaired? What are the implications of this difference?
If possible, please give examples to better understand your response.