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Appendix A — Differences Between U.S. GAAP and IFRS Accounting Standards

Appendix A — Differences Between U.S. GAAP and IFRS Accounting Standards

Appendix A — Differences Between U.S. GAAP and IFRS Accounting Standards

The primary sources of guidance on the accounting for contingencies are ASC 450 under U.S. GAAP and IAS 37 under IFRS Accounting Standards. Throughout this appendix, terminology applicable to both U.S. GAAP and IFRS Accounting Standards is used, depending on the applicable guidance (e.g., “contingent gain” in U.S. GAAP versus “contingent asset” in IFRS Accounting Standards).