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Which of the following statements regarding the recognition of contingencies is not correct? Multiple Choice IFRS guidance is built around a balance sheet perspective. Both
Which of the following statements regarding the recognition of contingencies is not correct?
Multiple Choice
- IFRS guidance is built around a balance sheet perspective.
- Both IFRS and U.S. GAAP require recognition of a contingent liability when it is both probable and can be reasonably estimated.
- U.S. GAAP relies on an income statement perspective.
- Only U.S. GAAP requires recognition of a contingent liability.
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Equity Asset Valuation
Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe, Abby Cohen
2nd Edition
470571439, 470571438, 9781118364123 , 978-0470571439
