Question

One component of the pension liability under both U.S. GAAP and IFRS is prior service cost (or past service cost under IFRS). ABC Company is trying to calculate the effect of PSC on their financial statements under both standards. Which of the following statements is true related to this analysis?

Answer 1

Option A is correct which states that".There is no such thing, in IASB standards, as a "contingent asset"