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Kaylie Gaskill
on Nov 02, 2024

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An event that gives rise to a present obligation, but which cannot be measured with sufficient reliability is an example of a:

A) accrual.
B) provision.
C) liability.
D) contingent liability.

Present Obligation

A duty or responsibility that exists at the reporting date, typically requiring an outflow of resources.

Contingent Liability

A potential financial obligation that may occur in the future depending on the outcome of a specific event, not confirmed to exist or be measurable until one or more conditions are fulfilled.

Liability

A financial obligation or debt owed by an individual or company.

  • Digest the essentials for the determination of provisions, contingent liabilities, and contingent assets based on AASB 137 guidelines.
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vihangni tilalaNov 05, 2024
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