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

question 41

Multiple Choice

IFRS uses specific terminology to refer to the likelihood of the occurrence of an organizational event.Which of the following would require note disclosure only?

• A)likely to occur and the amount can be estimated
• B)possible that an outflow of resources is not required
• C)likelihood is remote
• D)amount is yet to be confirmed

---

Definitions:

Logical

Pertaining to clear, structured, and rational thinking or reasoning.

Regulatory Agencies

Government bodies responsible for enforcing laws and regulations to protect public interests in sectors such as healthcare, finance, and the environment.

External

Originating from or existing outside the entity or subject under consideration, often influencing it from the outside.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often at the expense of other cultures.