Discuss the ways in which GAAP and IFRS estimates of contingent losses can differ.

Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses. In your post, address the following:
Discuss the ways in which GAAP and IFRS estimates of contingent losses can differ.
How is the terminology differences between U.S. GAAP and IFRS?
Why are the differences in estimating contingent losses important to know?

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