supporting week 1 - Differences in Provisions and...

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Differences in Provisions and Contingent Liabilities Under IFRS and U.S. GAAP IFRS Bulletin - Issue #22, 1.15.10 The general IFRS literature regarding provisions and contingent liabilities is International Accounting Standard (IAS) 37, Provisions, Contingent Liabilities and Contingent Assets , and a few IFRIC Interpretations that specifically deal with decommissioning liabilities. U.S. GAAP includes various standards that cover specific topics. Some general guidance can be found in FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises and Concepts Statement No. 6, Elements of Financial Statements. Other specific U.S. GAAP literature includes FASB Statement No. 5, Accounting for Contingencies (FASB ASC 450), FASB Statement No. 143, Accounting for Asset Retirement Obligations (FASB ASC 410-20), FASB Interpretation No. 14, Reasonable Estimation of the Amount of a Loss (FASB ASC 450-20) and many others. IAS 37 states that one of the criteria for a provision to be recognized is when it is probable that
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This note was uploaded on 09/22/2011 for the course ECONOMY 1501208336 taught by Professor Gunawan during the Spring '11 term at Bina Nusantara University.

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supporting week 1 - Differences in Provisions and...

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