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Read ASC 450-20-05-01 and ASC 450-20-05-03. How does the definition of a provision under IFRS and a contingency under US GAAP differ from one another?

Read ASC 450-20-05-01 and ASC 450-20-05-03.

How does the definition of a provision under IFRS and a contingency under US GAAP differ from one another? How do the definitions of provisions and contingencies differ from other liabilities?

Why is it important that provisions be separately identified in an entitys financial statements rather than being included with other accrued liabilities?

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