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  3. all of the following statements are true except: u

All of the following statements are true except: Under U.S. GAAP, a contingent item should...

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Accounting

All of the following statements are true except:

Under U.S. GAAP, a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.

IFRS requires a liability to be recorded as a present value amount.

The threshold for recording items as liabilities is a lower under U.S. GAAP than under IFRS.

The threshold for recording items as liabilities is a lower under IFRS than under U.S. GAAP.

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