Question
23.In IFRS, the recognition of a provision is most closely related to which of the following in U.S. GAAP? A. An event where the likelihood
23.In IFRS, the recognition of a "provision" is most closely related to which of the following in U.S. GAAP?
A. An event where the likelihood of a lossis"reasonably possible" (as defined in US GAAP)and can be reliably estimated.
B. An event where the likelihood of a lossis "probable"(as defined in US GAAP)and can be reliably estimated.
C. The accounting treatment that results whenlong-term debtis not refinanced before the financial statements are issued.
D. None of these responses is correct.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
