Question:
What are the criteria for the recognition of provisions?
Author: Christy B.Answer:
- The entity has a present obligation - It is *probable* that there will be an outflow of economic resources to settle the obligation - A reliable estimate of the obligation can be made
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Alternative answers:
When:
1) There is a present obligation as a result of a past event
2)There is a probability of an outflow of resources to settle the obligation
3) There is a reliable estimate of the amount of obligation.
Author
Christy B.