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

question 39

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 in the financial statements adjusted?

• 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:

Adult Day Care

A service providing care and social activities to adults who need assistance or supervision during the day.

Mild Cognitive Impairments

A condition involving problems with memory, language, thinking, or judgment that are greater than normal age-related changes but not severe enough to be classified as dementia.

Ageism

Discrimination or prejudice against individuals on the basis of their age.

Public Policy

A system of laws, regulatory measures, courses of action, and funding priorities by a government or its representatives.