Question
# 1- Please explain and provide examples Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses.
# 1- Please explain and provide examples
Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses. In your post, address the following:
- Discuss the ways in whichS. GAAP and IFRS estimates of contingent losses can differ.
- How is the terminology different between U.S. GAAP and IFRS?
- Why are the differences in estimating contingent losses important to know?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
