Explain the meaning of the terms contingent liabilities and provisions as they relate to U.S. GAAP and IFRS?
Under U.S. GAAP, a contingent liability is accrued and presented on the balance sheet if it is probable and the amount can be reasonably estimated. IFRS reserves the term contingent liabilities for those items that are not recorded on the balance sheet. Those liabilities that are probable and are recorded are called provisions.
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A cost accounting system is a system for accumulating detailed information about all of the costs of a company
Indicate whether the statement is true or false
Because firms are introducing products at a faster rate, one general trend in marketing is that product life cycles are getting ________.
Fill in the blank(s) with the appropriate word(s).
Under the Family and Medical Leave Act, if an employee is returned to an equivalent job, rather than his/her original job, the equivalent job must have
A. identical pay, benefits, and terms of employment. B. terms of employment and responsibilities. C. responsibilities and benefits. D. identical pay, benefits, and responsibilities.
Gene Keller, long-time vice president of human resources at VST Corporation, is helping one of his peers, the vice president of marketing, develop information for a potentially game-changing business opportunity-a major program for a worldwide manufacturer. To be considered for this opportunity, VST must demonstrate its ability to staff the program immediately upon award. To estimate VST's ________ labor supply, Gene uses his human resources information system (HRIS) to generate data regarding turnover, terminations, retirements, promotions, and transfers.
A. external B. past C. internal D. future E. marketing