AASB 137 defines a provision as a:
A)present obligation arising from past events,the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
B)liability of uncertain timing and amount.
C)possible obligation that arises from past events and whose existence will be confirmed only by the occurrence/non-occurrence of one or more uncertain events not wholly within the control of the entity.
D)present obligation that arises from a past event but is not recognised because the amount of the obligation cannot be measured with sufficient reliability.

Question

Quizplus · Accepted Answer

The Answer of AASB 137 defines a provision as a:
A)present obligation arising from past events,the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
B)liability of uncertain timing and amount.
C)possible obligation that arises from past events and whose existence will be confirmed only by the occurrence/non-occurrence of one or more uncertain events not wholly within the control of the entity.
D)present obligation that arises from a past event but is not recognised because the amount of the obligation cannot be measured with sufficient reliability.

AASB 137 Defines a Provision as A