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Which of the following regarding the recognition of contingencies is not correct? IFRS guidance is...

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Accounting

Which of the following regarding the recognition of contingencies is not correct?

IFRS guidance is built around a balance sheet perspective.

Both IFRS and U.S. GAAP require recognition of a contingent liability when it is both probable and can be reasonably estimated.

U.S. GAAP relies on an income statement perspective.

Only U.S. GAAP requires recognition of a contingent liability, called a provision under IFRSand the associated contingent losswhen it is both probable and can be reasonably estimated.

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