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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.

BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Chapter A1, Problem 10MCQ
Textbook Problem

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.

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