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Why are difference in estimating contingent losses important

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Reference no: EM132777541

Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses. In your post, address the following:

Problem 1: Discuss the ways in which US. GAAP and IFRS estimates of contingent losses can differ.

Problem 2: How is the terminology different between U.S. GAAP and IFRS?

Problem 3: Why are the differences in estimating contingent losses important to know?

Reference no: EM132777541

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