Which of the following regarding the recognition of contingencies is not correct? IFRS guidance is built...

Which of the following regarding the recognition of contingencies is not correct?

IFRS guidance is built around a balance sheet perspective.

Both IFRS and U.S. GAAP require recognition of a contingent liability when it is both probable and can be reasonably estimated.

U.S. GAAP relies on an income statement perspective.

Only U.S. GAAP requires recognition of a contingent liability, called a provision under IFRS—and the associated contingent loss—when it is both probable and can be reasonably estimated.

Expert Solution

Answer is option C. U.S. GAAP relies on an income statement perspective.

U.S. GAAP guidance is not built around an income statement perspective as is case with IFRS in which guidance is built around a balance sheet perspective.

ekkarill92 answered 2 years ago

Summarize the guidance of the FASB regarding recognition of revenue on contracts.

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