Question: Answer questions based on IFRS unless otherwise indicated. What is a provision, and when must a provision be recognized? What is a contingent liability? What

Answer questions based on IFRS unless otherwise indicated.
What is a provision, and when must a provision be recognized?
What is a contingent liability? What is the financial reporting treatment for contingent
liabilities?
What is a constructive obligation?
What is an onerous contract? How are onerous contracts accounted for?
How does a company measure the net pension benefit liability (asset) to report on the
balance sheet under TFRS and U.S. GAAP?
In accounting for post-employment benefits, when are past service costs and actuarial
gains and losses recognized in income?
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