IFRS Accounting for Contingencies Differs from U

question 43

Essay

IFRS accounting for contingencies differs from U.S.GAAP in several details.Briefly describe three of those differences.

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Definitions:

Rotational Slide

A type of landslide involving the rotational movement of rock or soil along a curved surface, typically caused by the undercutting of a slope or the saturation of soil.

Debris Avalanche

A high-velocity flow of soil, sediment, and rock, commonly from the collapse of a steep mountainside.

Permafrost

Permanently frozen ground that occurs in high latitude regions of the Earth, consisting of soil, gravel, and sand usually bound together by ice.

Rock Fall

A mass-wasting process whereby large rocks and smaller pieces of bedrock detach and fall onto the ground.