On the Reporting of Liabilities Where a Range of Values

question 28

Multiple Choice

On the reporting of liabilities where a range of values exists as a possible outcome, IFRS requires which of the following points to be recorded as a provision, if the outcome is probable?

• A) Low end of the range.
• B) High end of the range.
• C) Midpoint of the range.
• D) IFRS presents no specific guidance as to this point.

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Definitions:

Subjective Pain

Pain that is experienced and reported by an individual, which may vary greatly between persons and is influenced by psychological factors.

Sudden Onset

The rapid emergence or beginning of something, often referring to symptoms or diseases.

Open-ended Question

A type of question that cannot be answered with a simple "yes" or "no," encouraging a detailed and descriptive response.

Closed-ended Question

A question formatted to receive a limited set of responses, such as "yes" or "no," or multiple-choice options.