IFRS and GAAP Are Similar for Each of the Following

question 41

Multiple Choice

IFRS and GAAP are similar for each of the following except for the

• A) accounting for contingent liabilities.
• B) definition of a liability.
• C) accounting for payroll taxes payable.
• D) None of these answers are correct.

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Definitions:

Ergonomic Principles

Guidelines designed to improve comfort, efficiency, and safety in the design of workplaces, tools, and tasks, by considering human physical and psychological capabilities and limitations.

Bill C-45

Legislation introduced in Canada, also known as the Cannabis Act, which legalized the recreational use of marijuana and established regulatory frameworks for its sale.

Reasonable Steps

Actions that are considered adequate and sensible in ensuring certain outcomes or in fulfilling duties, often legal or regulatory obligations.

Workplace Violence

Any occurrence of physical violence, harassment, intimidation, or any other type of behavior that threatens or disrupts the workplace.