The Description of 'Probable' in the IASB Conceptual Framework Means

question 34

Multiple Choice

The description of 'probable' in the IASB Conceptual Framework means that:

• A)Assessments of the degree of uncertainty attaching to the flow of economic benefits are made on the basis of evidence.
• B)Assets will be recognised if the expected probability of future benefits arising is less than 50%.
• C)A high degree of professional judgment may be required in preparing accounting reports.
• D)Assessments of the degree of uncertainty and a high degree of professional judgment may be required in preparing accounting reports.

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Definitions:

Cultural Sanctions

Measures taken by a society to enforce norms and values, often through rewards for conformity and penalties for nonconformity.

Canadian Values Study

An investigation or research aimed at identifying and understanding the core values and beliefs held by individuals within Canadian society.

Advanced Democracies

refers to countries with highly developed political systems characterized by free and fair elections, protection of civil liberties, and high levels of economic development.

Main Similarities

Essential attributes or features that are shared across different entities or phenomena.