IFRS Accounting for Contingencies Differs from U

question 43

Essay

IFRS accounting for contingencies differs from U.S.GAAP in several details.Briefly describe three of those differences.

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Definitions:

Schemas

Mental structures that an individual uses to organize knowledge and guide cognitive processes and behavior.

Abstract Thought

The ability to think about objects, principles, and ideas that are not physically present, a key component of higher-level cognition.

Conservation

In cognitive development, the understanding that properties such as volume, mass, and number remain the same despite changes in the forms or appearances of objects.

Quantity

A property that exists as magnitude or multitude, referring to the amount or number of a material or immaterial thing.