Under IFRS, Contingent Liabilities Should Be Recorded in the Accounts

question 46

True/False

Under IFRS, contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will occur.

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Definitions:

Followers

Individuals who support and are guided by a leader or who are part of a group led by someone.

Prescriptive Leadership

Prescriptive leadership involves providing guidelines, rules, or advice to followers about what their behavior should be in various situations to achieve desired outcomes.

Descriptive Leadership

An approach that outlines how leaders behave in various situations, focusing on their actions and styles.

Distinctions

Differences or unique characteristics that set someone or something apart from others.