Provisions are established to allow for future sacrifices such as repairs and maintenance of machinery and may be recognised as liabilities.
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Q5: Under AASB 101 something may be classified
Q6: A guarantee provided to a financier for
Q7: Entities are only required to record a
Q8: The defining characteristic of a 'provision' as
Q9: The market will only pay a premium
Q11: In AASB 137 Provisions,Contingent Liabilities and Contingent
Q12: In terms of accounting treatment debentures and
Q13: Executory contracts are within the scope of
Q14: A provision shall be recognised when an
Q15: A necessary condition for a provision to
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