similarities and differences between international accounting standards (IFRS) and US GAAP

  1. ASC 450 applies to this case. Provide citation and explain in your own words.

 

  1. According to ASC 450, what is a loss contingency? Provide citation and explain in your own words.

 

  1. ASC provides examples of loss contingencies. Provide citation, list the examples, and explain which of the examples apply to this case.

 

  1. According to ASC 450, what conditions must be present to accrue a liability on a company’s balance sheet? Provide citation and explain in your own words.  Are these conditions met in this case?

 

  1. When is it appropriate to not accrue a liability, and just disclose the threat of litigation in the footnotes to the financial statements? Provide citation and explain in your own words.

 

  1. What factors should be considered in estimating the likelihood and amount of a loss? Provide citation and explain in your own words.

 

  1. Does the company have to accrue liabilities for potential litigation that has not been filed yet? Provide citation and explain in your own words.

 

  1. In estimating its liabilities, may the company use information or events that happened after the balance sheet date, but before the issuance of the financial statements? Provide citation and explain in your own words.

 

  1. What liability should the company record on its December 31, 2009 balance sheet? Provide justification for your answer and provide citation and explain in your own words.

 

  1. Draft a footnote describing the company’s litigation liabilities to be included in the company’s annual report.

 

  1. Describe similarities and differences between international accounting standards (IFRS) and US GAAP as they apply to this case. Provide citation from IFRS and explain in your own words.
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