What is the difference between the use of the term contingent liability in U.S. GAAP and IFRS?
Answer to relevant QuestionsSuppose the analysis of a loss contingency indicates that an obligation is not probable. What accounting treatment if any is warranted?Suppose the Environmental Protection Agency is in the process of investigating Ozone Ruination Limited for possible environmental damage but has not proposed a penalty as of December 31, 2011, the company’s fiscal ...On December 12, 2011, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2012. What journal entries should Pace record on December 12 and January 16?At March 13, 2012, the Environmental Protection Agency is in the process of investigating a possible emissions leak last summer at a facility of Now Chemical. The EPA has not yet proposed a penalty assessment. Now’ fiscal ...CircuitTown commenced a gift card program in January 2011 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2011 before discontinuing further gift card sales. During 2011, gift card ...
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