Under IAS 37, Inflows of Resources That Are "Virtually Certain

question 33

Multiple Choice

Under IAS 37, inflows of resources that are "virtually certain" to be received should be:

• A) disclosed as contingent assets in the notes to the financial statements.
• B) recognized as assets.
• C) undisclosed until management is absolutely certain that resources will be received.
• D) reported only in the cash flow statement.

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Definitions:

Problem Focused

An approach that concentrates on identifying and addressing specific issues or challenges directly.

Breast Biopsy

A medical procedure where a small sample of breast tissue is removed and examined for signs of breast cancer or other conditions.

Distractible

Characterized by a lack of concentration and too easily drawn away from the task at hand.

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A state of mental uneasiness, apprehension, or dread producing an increased level of arousal caused by an impending or anticipated threat to self or significant relationships.