Which of the following is true with regard to contingent liabilities?

a. IFRS and U.S. GAAP use the same terminology to refers 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.