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Cornerstones of Financial Accounti...
Cornerstones of Financial Accounti...
Which of the following is true with regard lo contingent liabilities?
a. IFRS and U,S. GAAP use the same terminology to refer to contingent liabilities
b. A contingent liability is recognized under IFRS when it is more likely than not that the contingent event will occur.
c. Fewer events will be recognized as contingent liabilities under IFRS than under U.S. GAAP.
d. Provisions are contingent liabilities that are not recognized in the financial statements.
Concept introduction:
International financial reporting framework (IFRS):
International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.
To choose:
The true statement about the contingent liabilities.
Explanation for correct answer:
IFRS and US GAAP use the same terminology to refer to contingent liabilities. Hence correct option is a.
Explanation for incorrect answers:
b. IFRS do not allow upward valuation of property plant and equipment...
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