Chapter 13 - Test Bank 198 - range($30,000 Under IFRS...

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Learning Objective: 13-06 Demonstrate the appropriate accounting treatment for contingencies; including unasserted claims and assessments. Learning Objective: 13-07 Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies. Topic: Accounting for contingencies Topic: International Financial Reporting Standards 134. Indicate how TinyPart would disclose or account for the lawsuit described in part (b) under U.S. GAAP and under IFRS in the financial statements for the year ended December 31, 2013. Under U.S. GAAP TinyPart would recognize a loss and accrue a liability for the low end of the
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Unformatted text preview: range ($30,000). Under IFRS TinyPart would recognize a loss and accrue a liability for the mid-point of the range ($40,000). AACSB: Analytic AACSB: Diversity AICPA BB: Global AICPA FN: Measurement Blooms: Analyze Difficulty: 2 Medium Learning Objective: 13-07 Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and...
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