Answer w/out referring to your notes: Contingent assets and liabilities are: A) measured at the higher the amount initially recognized or the best estimate of the amount required to settle in both IFRS & GAAP B) contingent liabilities are measured at the higher the amount initially recognized or the best estimate of the amount required to settle in IFRS, contingent assets are not recognized in IFRS C) both GAAP and IFRS recognize contingent assets only, measured at fair value at the time of acquisition
B, wild guess.
B Beany Siegel
B it is
It would be B. IFRS is more conservative then GAAP, so that makes B a more probable answer.