Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses.

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

Discuss the ways in whichS. GAAP and IFRS estimates of contingent losses can differ.

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

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

DQ2 Gain Contingencies [WLOs: 1, 2, 3, 4] [CLO: 1]

Prior to beginning work on this discussion, review the following:

Chapters 13 in the textbook

Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.

Discuss the advantages and disadvantages of disclosing gain contingencies for a financial statement user. Why is this information important to the user?

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