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| Which of the following statements about provisions and contingent assets is correct in accordance with IAS 37 Provisions, contingent liabilities and contingent assets? (1) A provision should only be recognised when an entity has a present obligation as a result of a past event and it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation. (2) A contingent asset is a probable asset that arises from past events and whose existence will be confirmed by the occurrence of one or more uncertain future events not wholly within the enterprise's control. A 1 only B 2 only C Both 1 and 2 D Neither 1 or 2 |