Explain how a provision should be recognized as stated by MFRS 137 deals with Provisions, Contingent Liabilities

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Explain how a “provision” should be recognized as stated by MFRS 137 deals with Provisions, Contingent Liabilities and Contingent Assets. explain in detail with examples and in paragraph.

Posted Date: Nov 21, 2021 11:25 PM

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Explain how a provision should be recognized as stated by MFRS 137 deals with Provisions, Contingent Liabilities

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provision is a liability of uncertain timing or amount The liability may be a legal obligation or a constructive obligation A constructive obligation arises from the entitys actions through which it h... View the full answer

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