Under IFRS, provisions for contingent losses are accrued when the likelihood of an unfavorable outcome is ________.
A) virtually certain
B) more likely than not
C) reasonably possible
D) more than remote

Question

Quizplus · Accepted Answer

Under IFRS, provisions for contingent losses are accrued when it is more likely than not that an outflow of resources will be required to settle the obligation.

Under IFRS, Provisions for Contingent Losses Are Accrued When the Likelihood