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:

Egocentrism

A cognitive trait where an individual is unable to distinguish between their own perspective and that of others.

Cognitive Development

Refers to the growth and change in mental capabilities such as learning, attention, memory, language, thinking, reasoning, and creativity.

Rural Environments

Areas characterized by low population density and vast open spaces, often associated with farming and natural landscapes.

Urban Bus System

A network of bus routes and services designed to facilitate public transport in a city or metropolitan area.