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Which of the following best describes a provision according to IAS 37 Provisions, contingent liabilities and contingent assets? A. A provision is a possible obligation of uncertain timing or amount. B. A provision is a possible asset that arises from past events. C. A provision is a credit balance set up to offset a contingent asset so that the effect on the statement of financial position is nil. D. A provision is a liability of uncertain timing or amount. |