Question: Reporting requirements for contingent liabilities under IFRS differ somewhat from

Reporting requirements for contingent liabilities under IFRS differ somewhat from those under U.S. GAAP.

Required:
For each of the following, access the online version of the indicated financial report and answer the question. Also compare reporting under IFRS to similar reporting under U.S. GAAP.
1. SUBSEA 7 S.A. (Form 20-F, filed 3/2/2011): When there is a continuous range of possible outcomes, with each point in the range as likely as any other, what amount is accrued as the estimate of the obligation?
2. B Communications LTD (Form 20-F, filed 6/30/2011): With respect to legal claims, at what probability level would B Communications accrue a liability for a possible litigation loss?
3. Nestle (form 20-F, Filed 7/20/2011): What measurement attribute (e.g., historical cost, fair value) is used to measure contingent liabilities acquired in a business combination?


View Solution:


Sale on SolutionInn
Sales0
Views273
Comments
  • CreatedDecember 23, 2013
  • Files Included
Post your question
5000