A retail establishment has a policy of returning purchases made by unhappy consumers, even if it is not required to by law. The company's refunding policy is well recognized.

Should a provision be made in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets at the end of the year?

Answer rating: 100% (QA)

IAS 37 provides guidance on recognizing and measuring provisions contingent liabilities and continge... View the full answer