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Some time ago, the IASB published a study (link: pdf) examining how terms of likelihood in IFRS were viewed by accounting professionals. While it does provide useful insight, the study only surveyed professional opinions without considering if or how those opinions reflected the guidance.

The list below examines terms of likelihood, adding references to the guidance where pertinent .

The list below is not a verbatim copy. It has been adjusted to better reflect how the terms appear in the guidance.

Also, and not just for the sake of completeness, it compares guidance provided by IFRS and US GAAP.

One side effect of the convergence project is that guidance from one standard can and does influence how guidance in the other is interpreted. This is especially apparent at multi-national entities that often apply one standard at the legal entity (local) level and another at the consolidated/combined (international) level.

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