Which Statement Regarding Liabilities Is Not Correct Under the IFRS

question 59

Multiple Choice

Which statement regarding liabilities is not correct under the IFRS Framework?

• A)A reliable estimate for an asset is presumed to exist.
• B)A provision exists if the timing of payment is uncertain.
• C)A provision exists if the amount of payment is uncertain.
• D)A reliable estimate for a liability is presumed to exist.

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Definitions:

Communist

Relating to a political and social system in which property and resources are collectively owned, with the aim of eliminating class distinctions.

Theocratic

Pertaining to a form of government or a society where religious leaders control political power, often based on the belief that their authority is divinely guided.

Anarchic

Characterized by a state of disorder and absence of governmental authority or a structured society.

Extremism

Holding extreme political or religious views.