Question $12$

The term "provision" as it is used in IAS $37,$ is most closely related to what term in U$.$S$.$ GAAP?

Contingent liability, where the outflow of resources is "remote".

Contingent Fisbility, where the outflow of resources is "probable"

Current liability, where the outflow is difficult to measure.

Reserve for bad debt, where the amount recoverable is "uncertain"

Question $13$

Why is it difficult to compare IFRS$15/$ASC$606,$ Revenue, to U$.$S$.$ GAAP?

The $1$ASB definition of revenue is very complicated, whereas the definition of revenue under U$.$S$.$ GAAP is str

Revenue is not defined under U$.$S$.$ GAAP.

There is no single standsord in US$.$ CAAP that deals solely with revenue.

Under U$.$S$.$ GAAP, revenue is defined in terms of cash, whereas UAS $18$ defines revenue in terms of a variety of