A What Are the 3 Requirements from NZ IAS 37

question 9

Essay

a What are the 3 requirements from NZ IAS 37 for the recognition of a provision?
b How does this differ from the requirements for a liability?
c Do the following traditionally-named provisions fit this definition?
• Provision for doubtful debts.
• Provision for depreciation.
d Given the answer to question c,are the terms in c valid?

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