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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
Chapter 15FSI, Problem 4DQ
Textbook Problem
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How is the term “provision” used differently under IFRS than under U.S. GAAP?

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To compare: The use of term ‘provision’ used in GAAP and in IFRS

Explanation of Solution

The term ‘provision’ refers to an expense in GAAP but it refers to a liability in IFRS. When a company uses ‘Prov...

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