In today's volatile economy, predicting the possible future financial effect of a current condition, situation, or set of circumstances on a business seems more difficult than ever. However, both Generally Accepted Accounting Principles (U.S. GAAP) and the International Financial Reporting Standards (IFRS) require planning for and accounting of any potential gains or losses on an entity's future operations, cash flows, and net worth. Accounting for Contingencies, BNA's latest Portfolio analysis, examines the key issues and details the reporting requirements and procedures for such contingencies.
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