Which of the following regarding the recognition of contingencies is not correct? IFRS guidance is...
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Accounting
Which of the following regarding the recognition of contingencies is not correct?
IFRS guidance is built around a balance sheet perspective.
Both IFRS and U.S. GAAP require recognition of a contingent liability when it is both probable and can be reasonably estimated.
U.S. GAAP relies on an income statement perspective.
Only U.S. GAAP requires recognition of a contingent liability, called a provision under IFRSand the associated contingent losswhen it is both probable and can be reasonably estimated.
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