Examlex
All of the following statements are true, except one. Identify the exception.
Loss Contingency
A potential financial liability that may occur depending on the outcome of a future event.
IFRS
International Financial Reporting Standards, a set of global accounting standards developed by the International Accounting Standards Board.
U.S. GAAP
Generally Accepted Accounting Principles in the United States, a common set of accounting rules and standards for financial reporting.
Provision
A financial accounting term referring to setting aside an amount in the books to cover a presumed future liability or loss.
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