FAR04 International Financial Reporting Standards (IFRS)

In U.S GAAP, contingencies that are probable, i.e greater than 70%, and can be reasonably estimated are accrued. What occurs in IFRS?

In U.S GAAP, short term obligations are expected to be refinanced can be classified as noncurrent if the entity has intent and ability to refinance.

In U.S. GAAP, fair value option is allowed for equity method investments and joint ventures.

In U.S GAAP, noncontrolling interest is measured at fair value including goodwill.