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Discuss the Necessary Conditions Prescribed in AASB 137 Provisions,Contingent Liabilities

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Essay

Discuss the necessary conditions prescribed in AASB 137 Provisions,Contingent Liabilities and Contingent Assets to recognise provisions.Illustrate how these conditions are satisfied in a product warranty example.


Definitions:

Data Set

A collection of data points or information that can be analyzed or used in research.

Class Intervals

Segments or divisions of data into intervals, often in a frequency distribution, to simplify the representation and analysis of large datasets.

Insurance Company

An insurance company is a financial institution that provides a range of insurance products to protect individuals and businesses against risk.

Homeowners

Individuals or entities who possess ownership rights to a residential property.

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