With regard to reporting of contingent liabilities, U.S. GAAP and International Financial Reporting Standards (IFRS) differ in defining the term "probable". Which of the following is correct with regard to defining "probable"? Multiple Choice Under IFRS, "probable" means the chance of an event occurring is slight. Under U.S. GAAP, "probable" means the chance of an event occurring is slight but less than likely. • Under IFRS, "probable" means an event is more likely than not to occur. • Under U.S. GAAP, "probable" means an event is more likely than not to occur.
With regard to reporting of contingent liabilities, U.S. GAAP and International Financial Reporting Standards (IFRS) differ in defining the term "probable". Which of the following is correct with regard to defining "probable"? Multiple Choice Under IFRS, "probable" means the chance of an event occurring is slight. Under U.S. GAAP, "probable" means the chance of an event occurring is slight but less than likely. • Under IFRS, "probable" means an event is more likely than not to occur. • Under U.S. GAAP, "probable" means an event is more likely than not to occur.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 11Q
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