Under IAS 37, Inflows of Resources That Are "Virtually Certain

question 33

Multiple Choice

Under IAS 37, inflows of resources that are "virtually certain" to be received should be:

• A) disclosed as contingent assets in the notes to the financial statements.
• B) recognized as assets.
• C) undisclosed until management is absolutely certain that resources will be received.
• D) reported only in the cash flow statement.

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Definitions:

Common Area

A Common Area is a space within a building or property that is shared and accessible to all occupants or members.

Tenant's Internal Doorway

Refers to the doors within a tenant's leased space that serve as entryways to different rooms or sections, distinct from external or common area doors.

Common Areas

Areas that are used by all tenants.

Office Building

A structure designed and utilized primarily for the purpose of providing workspaces and offices for businesses and professionals.