Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP,

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Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP, both, or neither by checking the appropriate box. 

Acceptable Under IFRS U.S. GAAP Both Neither • Bank overdrafts are netted against cash rather than being recognized as a liability when overdrafts are a normal part of cash management. • Uncertain legal obligations, but not constructive obligations, contingent upon a future event are recognized as liabilities when certain criteria


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International Accounting

ISBN: 978-1260466539

5th edition

Authors: Timothy Doupnik, Mark Finn, Giorgio Gotti, Hector Perera

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