Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies.

Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the generally followed rules, concepts and principles which are used for the presentation of the financial information of a business organization.

International Financial Reporting Standards (IFRS):  International Financial Reporting Standards is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.