All of the following are differences between IFRS and U.S.GAAP in according for liabilities except:
A)When a bond is issued at a discount, U.S.GAAP records the discount in a separate contra-liability account.IFRS records the bond net of the discount.
B)Under IFRS, bond issuance costs reduces the carrying value of the debt.Under U.S.GAAP, these costs are recorded as an asset and amortized to expense over the term of the bond.
C)U.S.GAAP, but not IFRS uses the term "troubled debt restructurings."
D)U.S.GAAP, but not IFRS uses the term "provisions" for contingent liabilities which are accrued.

Question

Quizplus · Accepted Answer

Under IFRS, the term "provisions" is used for contingent liabilities that are accrued, whereas U.S. GAAP does not use this term in the same context.

All of the Following Are Differences Between IFRS and U