Answered: Under IFRS it is greater than…

Under IFRS it is greater than probability that an obligation is going to arise and the amount can be estimated then a provision should be recorded by making a journal entry -67% -50% -25% -33%

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter5: Corporate Ethical Governance & Accountabililty

Section: Chapter Questions

Problem 15.2EC

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Question

Under IFRS it is greater than probability that an obligation is going to arise and the amount can be estimated then a provision should be recorded by making a journal entry -67% -50% -25% -33%

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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