The concepts of probable and more likely than not arise frequently in exercising judgment in applying accounting

Question:

The concepts of probable and more likely than not arise frequently in exercising judgment in applying accounting standards under both U.S. GAAP and IFRS. In your mind, if an event is probable as opposed to more likely than not, what would be your assessment of the difference in the two terms? Can you assign a probability to each?
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

Question Posted: