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.

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Definitions:

Information Dissemination

The act of spreading information or knowledge to a wide audience or group of people.

Critical Information

Essential data or knowledge that is paramount for decision-making or problem-solving in various contexts.

Problem Solving

The process of identifying a challenge or obstacle and developing methods or strategies to overcome it.

Symbolic

Relating to symbols or the use of symbols to represent ideas or qualities.