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:

John Peter Zenger

A New York printer and journalist whose 1735 acquittal in a libel case established important precedents for freedom of the press in the American colonies.

Free-Press Principle

The fundamental belief in the unrestricted right of the media to report news and express opinion, considered a cornerstone of democracy.

American Law

Refers to the legal system of the United States, which includes the Constitution, laws enacted by Congress, regulations developed by governmental agencies, and the case law established by courts.

King George's War

A phase of the War of the Austrian Succession (1740-1748) that took place primarily in North America between the French and British colonies.