Which of the Following Is True Concerning Contingency Reporting

Multiple Choice

Which of the following is true concerning contingency reporting?

A) 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."
B) IFRS allows companies to report contingent gains if a present obligation exists and the sacrifice of resources is probable.
C) A key difference in reporting contingent liabilities under U.S. GAAP compared to IFRS is that only IFRS requires that the obligation is probable and the amount estimable to recognize the obligation.
D) U.S. GAAP requires that a contingent liability be recognized instead of a contingent loss, whereas IFRS requires both.