Under IFRS,the term provision:
A)Refers to expense.
B)Usually refers to a liability whose amount or timing is uncertain.
C)Means establishing a provision for bad debts.
D)Means establishing a contra-asset account.
E)Means establishing an asset account.

Question

Quizplus · Accepted Answer

Provision under IFRS refers to a liability whose amount or timing is uncertain. It is recognized when there is a probable outflow of resources to settle the obligation and the amount can be reliably estimated.

Under IFRS,the Term Provision