IAS 19 Requires an Entity to Record a Liability for Long

question 17

Multiple Choice

IAS 19 requires an entity to record a liability for long service leave:

• A) once the employee becomes presently entitled to the leave
• B) as the employee provides service to the entity
• C) when the leave is taken by the employee
• D) in a consistent manner from year to year

---

Definitions:

EIC

Earned Income Credit; a refundable tax credit in the U.S. for low to moderate-income working individuals and families, particularly those with children.

Qualifying Children

are dependents who meet certain conditions regarding relationship, age, residency, and support, affecting tax benefits.

AGI

Adjusted Gross Income, which is gross income minus specific deductions, used to calculate an individual's tax liability.

EIC

The Earned Income Credit, a refundable tax credit for low- to moderate-income working individuals and families, particularly those with children.