Which of the following statements is correct?
A) For companies that are self-insured, a provision must be established for events taking place prior to the reporting period if known.
B) There is no guidance for self-insurance under IFRS.
C) Contingent assets are only recorded when it is virtually certain that the benefits relating to the contingent assets will be received.
D) Contingent assets are only recorded when it is reasonably certain that the benefits relating to the contingent assets will be received.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is correct?
A) For companies that are self-insured, a provision must be established for events taking place prior to the reporting period if known.
B) There is no guidance for self-insurance under IFRS.
C) Contingent assets are only recorded when it is virtually certain that the benefits relating to the contingent assets will be received.
D) Contingent assets are only recorded when it is reasonably certain that the benefits relating to the contingent assets will be received.

Which of the Following Statements Is Correct