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All of the following statements are true except:
Under U.S. GAAP, a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.
IFRS requires a liability to be recorded as a present value amount.
The threshold for recording items as liabilities is a lower under U.S. GAAP than under IFRS.
The threshold for recording items as liabilities is a lower under IFRS than under U.S. GAAP.
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