Which Statement Regarding Liabilities Is Not Correct Under the IFRS

question 59

Multiple Choice

Which statement regarding liabilities is not correct under the IFRS Framework?

• A)A reliable estimate for an asset is presumed to exist.
• B)A provision exists if the timing of payment is uncertain.
• C)A provision exists if the amount of payment is uncertain.
• D)A reliable estimate for a liability is presumed to exist.

---

Definitions:

Financial Crisis

A situation where the value of financial institutions or assets drops significantly, often leading to panic and economic downturn.

Correctional Costs

Correctional costs refer to the expenses involved in operating the criminal justice system, particularly those related to incarceration, rehabilitation, and supervision of offenders.

Jim Crow Laws

Laws that enforced racial segregation and discrimination against African Americans, primarily in the Southern United States, from the late 19th century into the 20th century.

Southern Strategy

A political strategy that involved the Republican Party appealing to the racism against African Americans inherent in the southern United States to gain political support.