Under IFRS, a Loss Contingency Must Be Credited to a Liability

question 78

True/False

Under IFRS, a loss contingency must be credited to a liability account only if the occurrence of the contingent event is probable and if the amount of loss can be reasonably estimated.

---

Definitions:

Cerebral Cortex

The outer layer of the brain's cerebrum, responsible for complex functions including thought, memory, and consciousness.

Consciousness

The quality or state of being aware of an external object or something within oneself.

Central Nervous System

The part of the nervous system consisting of the brain and spinal cord, responsible for processing and sending out nerve signals.

Depolarization

The process of reducing the electrical charge difference across a cell membrane, crucial for the propagation of nerve impulses.