Question: 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

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.

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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 full answer

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Explain how a provision should be recognized as stated by MFRS 137 deals with Provisions, Contingent Liabilities and Contingent Assets [10 marks] Explain in detail and in paragraph with examples.

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. (10 marks)

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