With regard to reporting of contingent liabilities,U.S.GAAP and International Financial Reporting Standards (IFRS)differ in defining the term "probable".Which of the following is correct with regard to defining "probable"?
A)Under U.S.GAAP,"probable" means an event is more likely than not to occur.
B)Under IFRS,"probable" means the chance of an event occurring is slight.
C)Under IFRS,"probable" means an event is more likely than not to occur.
D)Under U.S.GAAP,"probable" means the chance of an event occurring is slight but less than likely.

Question

Quizplus · Accepted Answer

Under IFRS, "probable" means an event is more likely than not to occur, whereas under U.S. GAAP, "probable" means an event is likely to occur or that its occurrence is more than remote.

With Regard to Reporting of Contingent Liabilities,U