(Answered) Question - discuss this weeks objectives and the following

Accounting

Question - Discuss this week's objectives and the following concept comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

Explain how IFRS defines a contingent liability and provide an example.

Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.

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