IFRS requires that firms accrue the warranty expense and the related warranty liability when they can "reasonably estimate" the amount, while U.S.GAAP does not.

Name: IFRS requires that firms accrue the warranty expense and the related warranty liability when they can "reasonably estimate" the amount, while U.S.GAAP does not.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Both IFRS and U.S. GAAP require firms to accrue warranty expense and the related liability when the amount can be reasonably estimated.

IFRS Requires That Firms Accrue the Warranty Expense and the Related