The Word "Probable"appears in the Definitions of Assets and Liabilities

question 45

Essay

The word "probable"appears in the definitions of assets and liabilities and in the recognition criteria for liabilities with uncertain amount and/or timing.
a.What is the meaning of probable as used in the definitions of assets and liabilities?
b.How does the meaning of probable as used in the recognition criteria for liabilities with uncertain amount and/or timing differ between U.S.GAAP and IFRS?

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Definitions:

Cyber Loafing

The act of using the internet for personal purposes during work hours, often leading to reduced productivity.

Human Side of Enterprise

Refers to the importance of understanding and managing the human, emotional, and social aspects of organizational life.

Douglas McGregor's Contribution

Refers to his Theory X and Theory Y, which are concepts regarding human behavior and motivation in the workplace, suggesting different management and leadership styles.

Sexual Harassment

Unwanted or unwelcome sexual advances, requests for sexual favors, and other verbal or physical harassment of a sexual nature in the workplace or educational settings.