The word probable appears in the definitions of assets and liabilities und in the recognition criteria for
Question:
a. What is the meaning (or the interpretation) of probable as used in the definitions of assets and liabilities?
b. How does the meaning (or the interpretation) of probable as used in the recognition criteria for liabilities with uncertain amount and/or timing differ between U.S. GAAP and IFRS?
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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a In the definitions of assets and liabilities probable is ...View the full answer
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Ali Khawaja
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Related Book For 
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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