Use the Following to Answer Questions 31 and 32

question 13

Multiple Choice

Use the following to answer questions 31 and 32:
REFERENCE 11-01
A foreign subsidiary of a U.S.-based company has been notified of a loss contingency with an estimated cost ranging between $220,000 and $250,000 which is probable of resulting in an actual loss. Each dollar amount within this range of cost is equally likely of being the actual outcome.
[QUESTION]
REFER TO: 11-01
-According to IFRS, what is the amount recognized as a provision for loss contingency?

• A) No amount will be recorded but an amount will be disclosed in the notes to the financial statements.
• B) $110,000
• C) $220,000
• D) $235,000
• E) $250,000

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Definitions:

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The day-to-day tasks and processes that are necessary for an organization to function and achieve its business objectives.

HR Role

The function and responsibilities assigned to the human resources department, including talent acquisition, development, and management.

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A framework that defines how services are provided to customers, including processes, roles, and responsibilities.

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