Enumerate and briefly explain the differences between the IFRS and US GAAP on the following issues: Treatment...

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Accounting

Enumerate and briefly explain the differences between the IFRSand US GAAP on the following issues:
Treatment of Contingent Assets and Liabilities
Treatment of Asset Recognition
Treatment of Revenue Recognition
Treatment of Options
Treatment of Onerous Contracts
Treatment of Restructuring Provision
Treatment of Measurement of Deferred Taxes
Treatment of Service Contracts
Treatment of Financial Assets
International Accounting (Loose-Leaf) 5e (Doupnik/Perera)McGraw-Hill (2019) 9781260466539.

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Contingent Assets and Liabilities US GAAP IFRS Initial recognition and measurement Contingent assets and liabilities recognized at fair value if the fair value can be determined Contingent assets are not recognized COntingent liabilities are recognized if there is a present obligation that arises from past events and the fair value can be measured reliably even if it is not probable that an outflow of resources will be required to settle the obligation Subsequent measurement As per a systematic and rational basis depending on their nature Liabilities are subsequently measured at the higher of 1 See Answer

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Enumerate and briefly explain the differences between the IFRSand US GAAP on the following issues:Treatment of Contingent Assets and LiabilitiesTreatment of Asset RecognitionTreatment of Revenue RecognitionTreatment of OptionsTreatment of Onerous ContractsTreatment of Restructuring ProvisionTreatment of Measurement of Deferred TaxesTreatment of Service ContractsTreatment of Financial AssetsInternational Accounting (Loose-Leaf) 5e (Doupnik/Perera)McGraw-Hill (2019) 9781260466539.