Question

Would a company be more likely to report a contingent liability under U.S. GAAP or IFRS?...

Would a company be more likely to report a contingent liability under U.S. GAAP or IFRS?

a. U.S. GAAP

b. IFRS

c. Equally likely.

d. Contingent liabilities are not reported under IFRS.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
With regard to reporting contingent liabilities on a balance sheet, financial statements prepared under International Financial...
With regard to reporting contingent liabilities on a balance sheet, financial statements prepared under International Financial Reporting Standards (IFRS) will: Multiple Choice a) Have fewer contingent liabilities accrued than under U.S. GAAP because the IFRS guideline for "probable" is a higher percentage than the U.S. GAAP guideline for "probable". b) Have more contingent liabilities accrued than under U.S. GAAP because IFRS requires all lawsuits, environmental problems, and product warranties that are reasonably estimable to be accrued while U.S. GAAP requires...
Component depreciation is required under: A. both IFRS and U.S. GAAP. B. IFRS, but not U.S....
Component depreciation is required under: A. both IFRS and U.S. GAAP. B. IFRS, but not U.S. GAAP. C. U.S. GAAP, but not IFRS.
Component depreciation is: a. Required under U.S. GAAP b. Allowed, but not required, under IFRS c....
Component depreciation is: a. Required under U.S. GAAP b. Allowed, but not required, under IFRS c. Not allowed under U.S. GAAP d. Required under IFRS for each component part of PPE that is significant to the overall cost of the item
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ?...
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ? How widespread is the adoption of IFRS around the world? ? What is the possibility of the Securities and Exchange Commission substituting IFRS for GAAP? ? What are the advantages of converting to IFRS? ? What could be the disadvantages of converting to IFRS? ? What is the difference between convergence and adoption? ? When comparing IFRS and GAAP, what are some overall key...
How does a company measure the net pension benefit liability (asset) to report on the balance...
How does a company measure the net pension benefit liability (asset) to report on the balance sheet under IFRS and U.S. GAAP?
products, processes, and/or ideas that may provide future value. Under U.S. GAAP, all R&D costs are...
products, processes, and/or ideas that may provide future value. Under U.S. GAAP, all R&D costs are expensed in the year incurred (no asset recorded). For example, if a company spent $1,000,000 cash on R&D in 2017, U.S. GAAP would require the following journal entry: R&D Expense 1,000,000 Cash 1,000,000 Thus, the $1,000,000 expenditure would result in a $1,000,000 (pre-tax) reduction in income for 2017. Under IFRS, research costs are expensed (similar to U.S. GAAP). However, development costs are capitalized (recorded...
PROVISION LIABILITY (IFRS) 1. A new product liability lawsuit was files related to the drug of...
PROVISION LIABILITY (IFRS) 1. A new product liability lawsuit was files related to the drug of the Pharmacy, the attorney’s asses the likelihood and allows the company to record a loss under IFRS. If the range of estimates is between $30,000 and $50,000. How the company accounted this transaction under IFRS. 2. A new product liability lawsuit was files related to the drug of the Pharmacy, the attorney’s asses the likelihood of losing of 10%. The attorney assessment is between...
Under current U.S. GAAP companies may opt to report financial assets and liabilities at fair value....
Under current U.S. GAAP companies may opt to report financial assets and liabilities at fair value. Team Debate: Team 1: Present arguments in favor of the fair value option for financial assets and liabilities
1. The Balance sheet and Income statement per U.S. GAAP and IFRS need to provide comparative...
1. The Balance sheet and Income statement per U.S. GAAP and IFRS need to provide comparative information to the users of these financial statements. Per US GAAP, the Income statement needs to include: a. 2 years of comparative data – Current Year and Previous Year b. 3 years of comparative date – Current Year and 2 Previous Years c. U.S. GAAP does not specify the number of periods to be presented; they just have to be comparative. 2. According to...
Which of the following statements about International Financial Reporting Standards (IFRS) is NOT true? A. IFRS...
Which of the following statements about International Financial Reporting Standards (IFRS) is NOT true? A. IFRS sets out broad and general principles that accountants should follow when preparing financial statements. B. IFRS offers simplicity but also possibly more leeway for accounting malpractice than does GAAP. C. In 2008, the Securities and Exchange Commission (SEC) announced its plan to convert U.S. companies from GAAP to IFRS. D. IFRS leaves LESS room for discretion than GAAP does. 2. Rogue Corp. has sales...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT