Fundamental Accounting Principles
Fundamental Accounting Principles
23rd Edition
ISBN: 9781259536359
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
Question
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Chapter 11, Problem 14QS
To determine

IFRS:

The abbreviation of IFRS is International Financial Reporting Standards.

GAAP:

The abbreviation of GAAP is Generally Accepted Accounting Principles.

To determine:

a. Determine the similarity or difference between the definitions and characteristics of current liabilities between IFRS and U.S. GAAP.

b. Identify any two current liabilities that would be classified under financial liabilities per IFRS.

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