Unformatted text preview: 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 136. Indicate how TinyPart would disclose or account for the lawsuit described in part (d) under U.S. GAAP and under IFRS in the financial statements for the year ended December 31, 2013. Under both U.S. GAAP and IFRS TinyPart would make no accrual, as 25% would not be viewed as probable. Rather, TinyPart would provide footnote disclosure explaining the pending litigation and their estimates of potential damages....
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- Winter '11
- Generally Accepted Accounting Principles, International Financial Reporting Standards, AACSB, U.S. GAAP