Question
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
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.
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Accounting
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv
9th Edition
130898414, 9780132997379, 978-0130898418, 132997371, 978-0132569309
