The Primary Difference Between IAS 37, and U

question 35

Multiple Choice

The primary difference between IAS 37, and U.S. GAAP concerning the treatment of contingent liabilities pertains to:

• A) definition of terms.
• B) measurement.
• C) classification on the balance sheet.
• D) disclosure of relevant information.

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Definitions:

Ratio

A quantitative relationship between two numbers showing how many times the first number contains the second.

Japan

An island country located in East Asia, known for its rich cultural heritage, advanced technology, and economic influence.

Political Power

The capacity or ability of a political entity or individual to influence the behavior of others, particularly in the governance context.

Substitute Products

Goods or services that can be used in place of each other, offering a choice to consumers.