IFRS and U.S. GAAP are relatively similar with respect to current liabilities and contingencies. Relatively minor differences relate to when financing must be in place for a liability expected to be refinanced to be classified as long term. Also, with respect to contingent losses, IFRS defines "probable" at a lower threshold, requires the accrual of the expected value of loss, and requires the use of present values when measuring amounts to be accrued. Contingent gains are not accrued under U.S. GAAP, but are accrued under IFRS when they are considered to be virtually certain to occur. Which of the following statements about the accounting for loss and gain contingencies are true? (Select all that apply.) Check All That Apply The IFRS definition of "probable" includes a lower threshold than typically associated with "probable" in U.S. GAAP. The U.S. GAAP definition of "probable" includes a lower threshold than typically associated with "probable" in IFRS. If there is a range of equally likely outcomes, IFRS would use the midpoint of the range to measure the liability relating to a loss contingency, while U.S. GAAP requires use of the low end of the range. If there is a range of equally likely outcomes, U.S. GAAP would use the midpoint of the range to measure the liability relating to a loss contingency, while IFRS requires use of the low end of the range