In the recognition criteria for liabilities with uncertain amount and/or timing, "probable" is used in U.S.GAAP to refer to a relatively high threshold of likelihood-a rule of thumb used in practice is approximately 80%.

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This statement is correct. In U.S.GAAP, "probable" is used to refer to a relatively high threshold of likelihood, and a commonly used rule of thumb is that there is around an 80% likelihood that the liability will occur.

In the Recognition Criteria for Liabilities with Uncertain Amount And/or