Under IFRS, a provision is
A) a liability of uncertain timing or amount.
B) a special fund set aside to pay long-term debt.
C) deferred revenue.
D) an allowance for future dividends to be paid.

Question

Quizplus · Accepted Answer

A provision under IFRS is recognized as a liability of uncertain timing or amount, reflecting an obligation that arises from past events and where the exact amount or timing is uncertain.

Under IFRS, a Provision Is