Recognition under both gaap and ifrs, Accounting Basics

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Recognition under both gaap and ifrs

If a company has a 51% chance that a customer will win a law suite against them for damages between $5-$15 million how is this recognized under both GAAP and IFRS

GAAP no liability would be recognized but under IFRS a liability would be recognized

GAAP a liability would be recognized but under IFRS no liability would be recognized

GAAP no liability would be recognized and under IFRS no liability would be recognized

GAAP a liability would be recognized and under IFRS a liability would be recognized

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Accounting Basics: Recognition under both gaap and ifrs

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Accounting Basics: Recognition under both gaap and ifrs

Reference No:- TGS047293

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Calculate the present value of the following cash flows

Q : Deviate from the underlying economic reality

Q : Amount expected to be paid

Q : Expected rates of return of stocks

Q : Recognition under both gaap and ifrs

Q : Description of form and lessons

Q : Problem on interest capitalization

Q : How will the information be presented on his tax return

Q : Securing cash and working capital in short term

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Recognition under both gaap and ifrs

Reference No:- TGS047293

Recent Questions Asked Accounting Basics

Q : Calculate the present value of the following cash flows

Q : Deviate from the underlying economic reality

Q : Amount expected to be paid

Q : Expected rates of return of stocks

Q : Recognition under both gaap and ifrs

Q : Description of form and lessons

Q : Problem on interest capitalization

Q : How will the information be presented on his tax return

Q : Securing cash and working capital in short term

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