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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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3.7 Ratings (642 Votes)
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.

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