The FASB and the IASB Are Reconsidering the Role of Uncertainty

question 34

Multiple Choice

The FASB and the IASB are reconsidering the role of uncertainty, or probability, in the definition, recognition, and measurement of liabilities.Existing recognition criteria include a probable future sacrifice of resources; one issue involves the minimum probability level to warrant recognition of an uncertain obligation as a liability.IFRS imply a minimum probability level of greater than _____ percent.

• A)50
• B)60
• C)70
• D)80
• E)90

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To expect or predict something to happen in the future, often taking steps in preparation for it.

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