10) Some contingencies/provisions are recorded, some are disclosed and some are not addressed in the financial statements. Please indicate for each cell in the first table below, whether the contingency would be recorded, disclosed, or not addressed in the financial statements. Also, IFRS and US GAAP differ in their treatment of contingent liabilities. Fill out the 2nd table below to highlight the differences between US GAAP and IFRS. Probable Reasonably Possible Remote US GAAP IFRS Estimable Definition of Probable Not Estimable Estimate in a Range Discounting Terminology
10) Some contingencies/provisions are recorded, some are disclosed and some are not addressed in the financial statements. Please indicate for each cell in the first table below, whether the contingency would be recorded, disclosed, or not addressed in the financial statements. Also, IFRS and US GAAP differ in their treatment of contingent liabilities. Fill out the 2nd table below to highlight the differences between US GAAP and IFRS. Probable Reasonably Possible Remote US GAAP IFRS Estimable Definition of Probable Not Estimable Estimate in a Range Discounting Terminology
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 11Q
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