IFRS CH 13 - can be reasonably estimated • IFRS = Same,...

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IFRS – Current Liabilities & Contingencies Classification of Liabilities to be Refinanced: US GAAP classifies liabilities payable within the coming year as long-term liabilities if refinancing is completed before the date they issue financial statements However, IFRS requires refinancing be completed prior to their balance sheet date
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IFRS – Current Liabilities & Contingencies (cont) Contingencies: One difference between IFRS and US GAAP is the way you determine the existence of a loss contingency: US GAAP = accrued when it’s both probable and
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Unformatted text preview: can be reasonably estimated • IFRS = Same, except must be “more likely than not” rather than “probable” (lower threshold) IFRS – Current Liabilities & Contingencies (cont) • Contingencies (cont): – Another difference is whether or not to report a long-term contingency at face value or present value: • IFRS = use present value of the estimated cash flows when the effect of time value of money is immaterial • US GAAP = discounting of cash flows is allowed when the timing of cash flows is certain...
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This note was uploaded on 11/30/2010 for the course BUSINESS 4230 taught by Professor Dee during the Spring '10 term at Community College of Denver.

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IFRS CH 13 - can be reasonably estimated • IFRS = Same,...

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