Comparison of provisions and contingencies accounting and reporting under ifrs, US GAAP and Belarus GAAP

Abstract

In this paper we will discuss where the accounting of provisions and contingencies under IFRS, US GAAP and Belarus GAAP are similar and where differences exist. We want to underline the fact that the three sets of standards are generally more alike than different for commonly encountered provisions and contingencies transactions. This is connected with such fact that IFRS being largely, but not entirely, grounded in the same basic principles as US GAAP, and Belarus GAAP began to be largely grounded in the same basic principles as IFRS.