All of the following statements are true except:

Under U.S. GAAP, a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.

IFRS requires a liability to be recorded as a present value amount.

The threshold for recording items as liabilities is a lower under U.S. GAAP than under IFRS.

The threshold for recording items as liabilities is a lower under IFRS than under U.S. GAAP.