IFRS and U.S. GAAP are the same with reporting contingencies.

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IFRS uses the term "provisions" to refer to contingent liabilities that are accrued and reported on the balance sheet, while an obligation that is disclosed in the notes is labeled contingent liability. U.S. GAAP labels them both contingent liabilities. Also, if the best estimate of the future payments required to settle an obligation is a range of values, IFRS requires that the midpoint of the range be used as the estimated value of the contingent liability or provision. U.S. GAAP requires that the low end of the range be used, with disclosure of the maximum.