Answer each of the following related to international accounting standards.

a. In general, how similar or different are the definitions and characteristics of current liabilities between IFRS and U.S. GAAP?

b. Companies reporting under IFRS often reference a set of current liabilities with the title financial lia¬ bilities. Identify two current liabilities that would be classified under financial liabilities per IFRS. {Hint: Nokia provides examples in this chapter.)