Explain how IFRS defines a contingent liability and provide an example.

Write a 150- to 200-word summary (PER QUESTION )of the team’s discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are NOT needed. Your essay should include the answers to the following:

IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.
IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.

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