Question: 1. Define a contingent liability . 2. What are the recognition criteria for provisions ? 3. Define a constructive obligation . 4. At what point

1. Define a contingent liability.
2. What are the recognition criteria for provisions?
3. Define a constructive obligation.
4. At what point would a contingent liability become a provision?

5. What are the key characteristics of an intangible assets?

6. Explain when development costs can be capitalized?

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