The Threshold for Recording Contingent Liabilities Under IFRS Is Lower

question 129

True/False

The threshold for recording contingent liabilities under IFRS is lower than that under GAAP.
considered to be more likely than not to occur; whereas, GAAP states that an estimated loss is recorded if it is
probable.

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Definitions:

Discriminatory Sentence

A statement or ruling that unfairly prejudices or differentiates individuals or groups based on characteristics such as race, gender, age, or religion.

Nondiscriminatory Writing

Writing that avoids language or expressions that could be perceived as biased, offensive, or prejudiced towards any group or individual.

Short Words

Words that are brief and direct, often enhancing readability and comprehension in written communication.

Nondiscriminatory Sentence

A sentence in communication that avoids bias, prejudice, or unfair references to gender, race, age, or other personal characteristics.