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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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