Under IFRS, If an Estimate Is Being Developed for a Large

question 68

True/False

Under IFRS, if an estimate is being developed for a large number of items with varied outcomes, then the expected cash flow approach is used.

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Definitions:

Competence

The ability to do something successfully or efficiently, involving skills and knowledge.

Confidence

A feeling of self-assurance arising from an appreciation of one’s own abilities or qualities.

Mediocrity

The quality of being average or moderate in quality, not outstanding or poor.

Sincerity

The quality of being free from pretense, deceit, or hypocrisy; genuine honesty.