Explain how ifrs defines a contingent liability and provide

Question

Write a 150- to 200-word summary (PER QUESTION )of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are NOT needed. Your essay should include the answers to the following:

IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.

IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.

Answer 1

Inscribe a 100- to 250-word summary (per question) of the team's conversation about IFRS versus GAAP, based on your team collaborative discussions. The summary must be structured in a subject-by-subject format. An introduction and a conclusion are NOT needed. Your essay should include the responds to the next: IFRS 10-2: Illustrate how IFRS defines a contingent liability and provide an example. IFRS10-3: In brief explain several similarities and differences between GAAP and IFRS through respect to the accounting for liabilities.