Business, 10.01.2020 03:31 fordd4

Which of the following regarding the recognition of contingencies is a correct statement? multiple choice if the estimated liability is a range in which no value is deemed more reliable than another – both ifrs and gaap will record the mid-point of the range as the value. ifrs uses the term contingent liability to include possible but unrecognized contingent obligations. u. s. gaap discloses contingent liabilities in the notes to the financial statements only for recognized contingent loss obligations. the threshold for recognition of a contingent obligation is the same under both gaap and ifrs.

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Which of the following regarding the recognition of contingencies is a correct statement? multiple...

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