Question: Under IFRS, a contingency is described as a. An estimated liability. b. An event which is not recognized because it is not probable that an

Under IFRS, a contingency is described as

a. An estimated liability.

b. An event which is not recognized because it is not probable that an outflow will be required or the amount cannot be reasonably estimated.

c. The same as it is described by US generally accepted accounting principles.

d. A potentially large liability.

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