The recognition of certain nonfinancial liabilities (e.g., contingencies and environmental liabilities) is governed by the probability that a liability has been incurred under both U.S. GAAP and IFRS: However, U.S. GAAP and IFRS differ in their definitions of what is "probable." What is the definition of probable under IFRS, under GAAP? which would result in a liability being recorded earlier?
The recognition of certain nonfinancial liabilities (e.g., contingencies and environmental liabilities) is governed by the probability that a liability has been incurred under both U.S. GAAP and IFRS: However, U.S. GAAP and IFRS differ in their definitions of what is "probable." What is the definition of probable under IFRS, under GAAP? which would result in a liability being recorded earlier?
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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