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

International Accounting:

Answer 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 IFRS and U.S. GAAP?

page 198In accounting for post-employment benefits, when are past service costs and actuarial gains and losses recognized in income?

What is the basis for determining compensation cost in an equity-settled share-based payment transaction with nonemployees? With employees?

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