Under IFRS, a Distinction Is Made Between Provisions and Contingencies

question 101

True/False

Under IFRS, a distinction is made between provisions and contingencies. Provisions are estimated liabilities that are reported on the statement of financial position whereas contingencies are not recognized as liabilities because of the uncertainty of the amount and timing of future payments.

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Definitions:

Pericapillary Cells

Cells located around capillaries, often referring to pericytes, which play roles in vascular stability, blood flow regulation, and angiogenesis.

Macrophages

Immune system cells responsible for detecting, engulfing, and destroying pathogens and apoptotic cells.

Neurons

Specialized cells in the nervous system that transmit information to other nerve cells, muscle, or gland cells through electrical and chemical signals.

Circulatory System

The body's system responsible for transporting blood, nutrients, gases, and wastes to and from cells, helps fight diseases and maintain homeostasis.