Business Combinations F32-18b

How does the treatment of accounting for contingencies differ between U.S. GAAP and IFRS, once the contingencies have been recognized?

Under U.S. GAAP , recognized contingent assets and liabilities will continue to be reported at their acquisition date fair value until new information about the outcome of the contingency becomes known.

Under IFRS, recognized contingent liabilities subsequently are remeasured at the higher of the amount initially recognized or the best estimate of the amount required to settle the contingent liability.