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- Title
Accounting for Contingencies: Disclosure of Future Business Risks.
- Authors
Schiff, Jonathan; Schiff, Allen; Rozen, Hannah
- Abstract
The article provides a review of accounting for contingencies with focus on the compliance requirements for financial reporting for contingencies, gains, and losses. It compares the standards of the U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) and requirements related to potential gains and losses. It cites the litigation, claims, and assessments including financial disclosures on the treatment of loss contingency for Microsoft Corp. and Air France-KLM SA.
- Subjects
ACCOUNTING for contingencies; FINANCIAL statements; REVENUE accounting; ACCOUNTING standards; INTERNATIONAL Financial Reporting Standards; FINANCIAL disclosure; MICROSOFT Corp.; AIR France-KLM SA; LOSS recognition
- Publication
Management Accounting Quarterly, 2012, Vol 13, Issue 3, p1
- ISSN
1528-5359
- Publication type
Article