All of the Following Statements Are True Except

question 39

Multiple Choice

All of the following statements are true except:

• A) The threshold for recording items as liabilities is a lower under IFRS than under U.S.GAAP.
• B) The threshold for recording items as liabilities is a lower under U.S.GAAP than under IFRS.
• C) IFRS requires a liability to be recorded as a present value amount.
• D) Under U.S.GAAP, a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.

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