Explain the Difference Between "Probable," "Possible," and "Remote" Under IFRS

question 58

Essay

Explain the difference between "probable," "possible," and "remote" under IFRS.

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Definitions:

Privileged

Refers to a special legal right, advantage, or immunity granted to a person or a class of persons, such as confidential communications between a lawyer and their client.

Defamation

The act of damaging someone's good reputation through false or unjustified statements.

Punitive Damages

Financial compensation awarded to an injured party, beyond actual damages, intended to punish the wrongdoer.

Compensate

To provide something, usually money, to someone in recognition of loss, suffering, or injury incurred; to make up for something unwelcome or unpleasant.