IFRS Contingencies

Question 1

What are the accounting differences between GAAP and IFRS for contingencies?

Answer 1

GAAP calls contingent liabilities as contingent liability
IFRS calls it provision

GAAP is probable
IFRS is more likely than not (more than 50%)

GAAP accrue the lowest amount
IFRS is the midpoint

GAAP must be realized before recognition
Gain provision is recognized when it is virtually certain