Vikrambahi The term "provision" as it is used in IAS 37, is most closely related to what term in U.S.GAAP?O Contingent liability, where the outflow of resources is "remote."Contingent liability, where the outflow of resources is "probable."Current liability, where the outflow is difficult to measure.Reserve for bad debt, where the amount recoverable is "uncertain."

Accounting standards are rules and guidelines established by accounting authorities that dictate how…

The term "provision" as it is used in IAS 37, is most closely related to what term in U.S. GAAP? Contingent liability, where the outflow of resources is "remote." O Contingent liability, where the outflow of resources is "probable." Current liability, where the outflow is difficult to measure.

The term "provision" as it is used in IAS 37, is most closely related to what term in U.S. GAAP? Contingent liability, where the outflow of resources is "remote." O Contingent liability, where the outflow of resources is "probable." Current liability, where the outflow is difficult to measure.

Auditing: A Risk Based-Approach (MindTap Course List)

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Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

Vikrambahi

The term "provision" as it is used in IAS 37, is most closely related to what term in U.S.
GAAP?
O Contingent liability, where the outflow of resources is "remote."
Contingent liability, where the outflow of resources is "probable."
Current liability, where the outflow is difficult to measure.
Reserve for bad debt, where the amount recoverable is "uncertain."

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