International accounting standards use the term provision for those contingent items that must be recorded on the balance sheet.

Name: International accounting standards use the term provision for those contingent items that must be recorded on the balance sheet.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

International accounting standards define provisions as liabilities of uncertain timing or amount, where the timing or amount of the obligation is uncertain and requires estimation. Provisions must be recognized in the balance sheet.

International Accounting Standards Use the Term Provision for Those Contingent