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:

Cognitive Dissonance

Cognitive dissonance is the mental discomfort experienced by a person who holds two or more contradictory beliefs, ideas, or values at the same time.

Interpersonal Skills

Encompass the abilities and behaviors a person uses to interact effectively with others, including communication, listening, empathy, and conflict resolution.

Intrapersonal Skills

Abilities that pertain to managing one's own emotions, behaviors, and thoughts effectively, often crucial for personal development and mental health.

Academic Achievement

The extent of a student's success in completing assignments and learning in educational environments, often measured by grades and test scores.