| Contingent assets and liabilities are not recognized because they do not meet the recognition criteria. |
Contingent losses are recognized when it is likely that a future event will confirm the existence of a liability and the amount can be reasonably estimated. Contingent gains are not accrued. |
| A provision is a liability of uncertain timing or amount. It is accrued when the future outflow of economic resources is probable and a reliable estimate can be made. Although not defined, “probable” is usually interpreted as being greater than a 50% probability. |
Contingent losses that are “likely” are accrued. A “likely” event is defined as one whose probability of occurrence, or non-occurrence, is “high.” This is usually interpreted as being a higher level of probability than the equivalent IFRS condition. |
| Provisions are accrued based on the expected value approach, which assigns probabilities to each possible outcome. |
Where a range of possible outcomes exist, the amount accrued will be the most likely amount in the range. If no amount is more likely than another, then the lowest amount of the range is accrued. |
| IFRS 15 provides specific guidance on customer loyalty programs. |
ASPE does not contain specific guidance on customer loyalty programs. |
| Both legal and constructive obligations for decommissioning costs are recognized. |
Only legal obligations are recognized as asset retirement obligations. |
| Decommissioning costs related to the asset are recognized as part of property, plant, and equipment. Decommissioning costs related to subsequent production are included in inventory. |
All costs, both capital and production, are included in property, plant, and equipment. |
| Disclosure requirements are detailed, and are included in IAS 1, 19, 32, 37, 39, IFRS 7, and IFRS 15. |
Disclosure requirements are less detailed. Disclosure requirements are included in sections 1510, 3110, 3280, 3290, 3856, and AcG 14. |
