.    In determining the amount of a provision, a company using IFRS should generally measure: a.   using the midpoint of the range between the lowest possible loss and the highest possible loss. b.   using the minimum amount of the loss in the range. c.   using the best estimate of the amount of the loss expected to occur. d.   using the maximum amount of the loss in the range.

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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.