The Description of 'Probable' in the AASB Framework Means That

question 34

Multiple Choice

The description of 'probable' in the AASB 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:

Reproducing Content

The act of copying or adapting existing content, with permission and proper attribution, for a specific purpose.

Direct Approach

A straightforward method of communication or action that involves going straight to the point or target without deviation.

Recipient

The person or entity that receives something, such as a message, email, or package.

Grant Proposals

Written requests or applications for funding, typically addressed to institutions or agencies, detailing a plan for a project and its budget.