All of the following are differences between ifrs and gaap, Ask an Expert

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All of the following are differences between IFRS and GAAP in accounting for liabilities except:

(a) When a bond is issued at a discount, GAAP records the discount in a separate contra liability account. IFRS records the bond net of the discount.

(b) Under IFRS, bond issuance costs reduce the carrying value of the debt. Under GAAP, these costs are recorded as an asset and amortized to expense over the terms of the bond.

(d) GAAP, but not IFRS, uses the term "provisions" for contingent liabilities which are accrued.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91775144

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