Law suite recognized under both gaap and ifrs, Accounting Basics

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Law suite recognized under both gaap and ifrs

If a company has a 51% chance that a customer will win a law suite against them for damages between $5-$15 million how is this recognized under both GAAP and IFRS

a. GAAP no liability would be recognized but under IFRS a liability would be recognized

b. GAAP a liability would be recognized but under IFRS no liability would be recognized

c. GAAP no liability would be recognized and under IFRS no liability would be recognized

d. GAAP a liability would be recognized and under IFRS a liability would be recognized

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Accounting Basics: Law suite recognized under both gaap and ifrs

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Accounting Basics: Law suite recognized under both gaap and ifrs

Reference No:- TGS051236

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What amount of goodwill should appear in balance sheet

Q : Estimating incremental cash flows

Q : Find the price and quantity that maximizes company-s profit

Q : Capital budgeting considerations

Q : Law suite recognized under both gaap and ifrs

Q : Why might mercedes nfp policy be illegal

Q : Cost of debt estimation

Q : Problem based on accounts receivable balance

Q : Define amortization and provide an example of an expenditure

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Law suite recognized under both gaap and ifrs

Reference No:- TGS051236

Recent Questions Asked Accounting Basics

Q : What amount of goodwill should appear in balance sheet

Q : Estimating incremental cash flows

Q : Find the price and quantity that maximizes company-s profit

Q : Capital budgeting considerations

Q : Law suite recognized under both gaap and ifrs

Q : Why might mercedes nfp policy be illegal

Q : Cost of debt estimation

Q : Problem based on accounts receivable balance

Q : Define amortization and provide an example of an expenditure

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