Provisions must be recorded if:
A) The future event is unlikely, but the amount can be reliably estimated.
B) The future event is probable and the amount can be reliably estimated.
C) The future event is probable, but the amount cannot be estimated.
D) The future event is unlikely.
E) All of these answers are correct.

Question

Quizplus · Accepted Answer

Provisions are recorded when a future event is probable and the amount can be reliably estimated, according to accounting standards like IFRS and GAAP.

Provisions Must Be Recorded If