Essay
The word "probable"appears in the definitions of assets and liabilities and in the recognition criteria for liabilities with uncertain amount and/or timing.
a.What is the meaning of probable as used in the definitions of assets and liabilities?
b.How does the meaning of probable as used in the recognition criteria for liabilities with uncertain amount and/or timing differ between U.S.GAAP and IFRS?
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a.In the definitions of assets and liabi...View Answer
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