Enumerate and briefly explain the differences between the IFRS and US GAAP on the following issues:

1). Treatment of Contingent Assets and Liabilities.

2). Treatment of Asset Recognition.

3). Treatment of Revenue Recognition.

4). Treatment of Options.

5). Treatment of Onerous Contracts.

6). Treatment of Restructuring Provision.

7). Treatment of Measurement of Deferred Taxes.

8). Treatment of Service Contracts.

9). Treatment of Financial Assets.

Answer rating: 100% (QA)

1 Treatment of Contingent Assets and Liabilities US GAAP IFRS Recognition A loss must be probable in ... View the full answer