Under IFRS, the term used for an uncertain liability is
A) contingent liability.
B) undeterminable liability.
C) provision.
D) estimated liability.

Question

Quizplus · Accepted Answer

Under IFRS, an uncertain liability is referred to as a "provision," which is recognized when there is a present obligation from past events, a probable outflow of resources, and a reliable estimate can be made.

Under IFRS, the Term Used for an Uncertain Liability Is