All of the following statements are true except
A)the threshold for recording items as liabilities is lower under IFRS than under U.S.GAAP.
B)the threshold for recording items as liabilities is lower under U.S.GAAP than under IFRS.
C)IFRS require a liability to be recorded as a present value amount.
D)under U.S.GAAP,a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.

Question

Quizplus · Accepted Answer

The statement "the threshold for recording items as liabilities is lower under U.S.GAAP than under IFRS" is false. In fact, the threshold for recording items as liabilities is generally higher under U.S.GAAP than under IFRS. The other statements are all true.

All of the Following Statements Are True Except