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IFRS, also known as International Financial Reporting Standards,isa collection of accounting standards that statehow specific events ortransactions should be listed in financial statements. They areadvanced and maintained by the International Accounting Standards Board (IASB).

Generally Accepted Accounting Principles (GAAP) use the term 鈥渃ontingencies鈥�; whereas, International Financial Reporting Standards (IFRS)use the term 鈥減rovisions.鈥滺owever, in both cases, gained contingencies are not listed till they are recognized.

Option (a): A contra liability account offsets the amount of liability acquired by a firm on its balance sheet. It may be produced due to the issuance of bonds or other debt securities. IFRSrequirebond issue costs to be netted against the bond鈥檚 book value.

Option (b): Bond issuance costs are the remittances relative to the issuance of bonds by an issue to itsinvestors. These costs are first capitalized and then charged to expense over the duration of the bonds. When a bond is issued at a discount, the book value is less than the par value of the bond.

Option (c): A troubled-debt restructuring is regarded to have taken place when concessions are granted by the lender that would have not generally regarded the cause of the economic crisis of the debtor. The recording of troubled-debt restructuring involves various payment instruments, comprising notes payable, bonds, and accounts payable.