Classifications of contingent liabilities US GAAP vs IFRS

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International Accounting Standard 18 (IAS 18) provides the general standards for revenue recognition and measurement in the IFRS.

Provide 3 examples of the differences between the 2 sets of standards.

Review the IAS 7 statement of cash flows, and complete the following:

Question 1: Discuss the differences in classifications of cash flows between IFRS and U.S. GAAP.

Question 2: What impacts will these have on U.S. companies?

Question 3: Cover the differences with the classifications of contingent liabilities between U.S. GAAP and IFRS. Be sure to cover the topics of possible, probable, and bright-line tests.

When looking at cash and cash equivalents definitions between IFRS and U.S. GAAP, discuss the differences for the following:

  • Best estimates
  • Risks
  • Uncertainties

Reference no: EM132581758

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