IFRS Uses Specific Terminology to Refer to the Likelihood of the Occurrence

question 72

Multiple Choice

IFRS uses specific terminology to refer to the likelihood of the occurrence of an organizational event.Which of the following would need to provide for the recognition of the obligation (i.e.the financial statements adjusted) ?

• A)outflow of resources is required,but cannot be reliably estimated
• B)probable that an outflow of resources is required
• C)likelihood is remote
• D)amount is yet to be confirmed

---

Definitions:

Total Fertility Rate

The average number of children that would be born to a woman over her lifetime, given current birth rates at each age.

African American

A term used to describe Americans of African ancestry, particularly those whose ancestors were enslaved and brought to the United States.

Latino Populations

Communities or demographic groups in the United States consisting of individuals from Latin American countries or backgrounds.

Latino/Hispanic Group

The Latino/Hispanic group refers to people from Spanish-speaking countries, particularly those from Latin America and the Caribbean, living in other parts of the world, often discussed in the context of ethnic classification in the United States.