In AASB 137 Provisions,Contingent Liabilities and Contingent Assets,there Is Symmetry

question 16

True/False

In AASB 137 Provisions,Contingent Liabilities and Contingent Assets,there is symmetry in the treatment of contingent liabilities and contingent assets where both are required to be disclosed when the contingent event is probable to occur.

---

Definitions:

Group Norms

The beliefs or behaviors that a group of people accepts as normal.

Normative Conformity

The tendency to behave in ways that are in line with the group's norms or expectations in order to fit in or gain approval.

Devil's Advocate

Someone who adopts a position they do not necessarily agree with, for the sake of argument or to explore the thought process.

Asch's Line-Judging

Definition: An experiment conducted by Solomon Asch that demonstrated the power of conformity in groups, where individuals often agree with clearly incorrect majority opinions.