Chapter 11, Problem 14QS

To determine

IFRS:

International Financial Reporting Standards is the abbreviation of IFRS. That is the framework of accounting.

GAAP:

Generally Accepted Accounting Principles is the abbreviation of GAAP. That is the standards of accounting that a company has to maintain.

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.