For Each Class of Provision, an Entity Is Required by IAS

question 17

Multiple Choice

For each class of provision, an entity is required by IAS 37 to disclose the following information:
I The carrying amount at the beginning and end of the period.
II Amounts incurred and charged against the provision during the period.
III Comparative information.
IV Unused amounts reversed during the period.
V Additional provisions made during the period.

• A) I, II, IV and V only;
• B) I, II, and III only;
• C) II, III and IV only;
• D) I, III, IV and V only.

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Definitions:

Cannabis Overdoses

While rare and typically not fatal, refers to consuming an excessive amount of cannabis leading to uncomfortable symptoms like paranoia or extreme sedation.

Mental Overload

A state of being overwhelmed with too much information or too many tasks, leading to difficulty in processing and decision-making.

Analgesic Action

The mechanism by which pain relief is achieved, often involving the blocking of pain signals to the brain or altering the brain's perception of pain.

Chronic Pain

Prolonged pain that persists for months or years, often without a clear cause.