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

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Definitions:

Crowded

A term describing a market or sector that is saturated with competitors, making it difficult for new entries to gain a foothold.

Internal and External

Terms that differentiate between elements within an organization (internal) and factors outside of it (external) that influence business operations and strategies.

Searches for Information

The process by which consumers seek out details and facts about products, services, or topics of interest to make informed decisions.

Categories

Groups or classes of items, people, or concepts that share common characteristics or attributes.