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U.S. GAAP: Current Liabilities & Contingencies |
IFRS: Current Liabilities & Contingencies |
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Different recognition threshold for timing of recognition of liabilities associated with a re-structuring than under IFRS; recognize under U.S. GAAP only if event occurs making this a present obligation
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A variety of recognition criteria for different items that may enter into the measurement of a provision are identified, missing under U.S. GAAP; recognize when formal plan is announced |
| Short-term debt refinanced before statement issuance date can often be shown as noncurrent |
Short-term debt refinanced before statement of financial position date can be shown as noncurrent; if later (but still before issuance of financials) disclosure only
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Provisions (estimated liabilities) measured by reference to low end of range of amounts needed to settle, sometimes but not always discounted to present value
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Provisions measured by reference to best estimate to settle, discounted to present value |
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Specific rules for certain provisions (e.g., for environmental liabilities)
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Only general guidance provided under IFRS |
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Contingent gains not recognized
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IFRS provides for some recognition of contingent gains |
