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Differences between IAS 37 and SFAS 146

Differences between IAS 37 and SFAS 146. Differences between IAS 37 and SFAS 146. Differences between IAS 37 and SFAS 146. Differences between IAS 37 and SFAS 146. Differences between IAS 37 and SFAS 146. Differences between IAS 37 and SFAS 146 .

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Differences between IAS 37 and SFAS 146

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  1. Differencesbetween IAS 37 and SFAS 146

  2. Differences between IAS 37 and SFAS 146

  3. Differences between IAS 37 and SFAS 146

  4. Differences between IAS 37 and SFAS 146

  5. Differences between IAS 37 and SFAS 146

  6. Differences between IAS 37 and SFAS 146 IAS 37 typically results in an entity recognizing one large expense before the restructuring commences,whereas SFAS 146 results in expenses being recognized over the duration of the restructuring and each type of expense individuallyFurthermore, the expense applying IAS 37 could be recognized before any of the expenses are recognized applying SFAS 146.

  7. Differences between IAS 37 and SFAS 146 • Major Differences: • The current IAS 37 requires entities to recognize at a specified point a single liability (provision) for restructuring costs, whereas SFAS 146 requires entities to recognize a liability for each individual cost in a restructuring only when the entity has incurred an obligation for that cost, with no single liability for restructuring. • (b) Unlike the current IAS 37, SFAS 146 does not regard an announcement by management of a proposed restructuring as sufficient in itself to give rise to a constructive obligation. • (c) Due to the different recognition criteria in the two standards, liabilities may be recognized earlier applying the current IAS 37than they would be applying SFAS 146.

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