Topic 8 - Provisions, contingent liabs and assets

Question 1

What is the difference between a “provision” and a “liability”?

Answer 1

Question 2

Describe the initial recognition of a provision;

Answer 2

Question 3

Define constructive obligation;

Answer 3

Question 4

Describe contingent liabilities;

Answer 4

Question 5

Describe contingent assets;

Answer 5