Ch.13 - IFRS recog if the entity has a range of estimates...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Comparison of US GAAP and IFRS - Ch.13 US GAAP Classification of refinanced SFAS No. 6 allows these amounts to be IAS No.1 short-term debt classified as long-term debt if a refinancing before th agreement is completed before the report date as long-t Bank overdrafts Material bank overdrafts are classified as current Bank over liability (a part of account payable) drafts from manageme Contingent liability For probable and reasonable estimated settlement,
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: IFRS recog if the entity has a range of estimates that are all estimates equally probable, US GAAP uses the low end of the estimates IFRS 1 requires refinancing be completed he balance sheet date to classify the debt term. rdrafts are netted against cash if the over-m an integral part of the entity cash ent gnizes the liabilities at the mid-point of the...
View Full Document

Page1 / 2

Ch.13 - IFRS recog if the entity has a range of estimates...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online