Obligation clarification?

Which of these is the correct definition of a provision?

None of the above

A possible future obligation arising from past events

A liability of uncertain timing or amount

A probable obligation of uncertain timing

Which of the following changes were made to the definition of a liability?

None of the above

The mention of an expected outflow was removed

There is no mention of economic resources

The term obligation has been removed

When should a contingent liability to be recognised?

When there is a post year-end, non-adjusting event

When there is a possible obligation arising from past events

When there is a probable future asset from past events

When there is a probable future obligation arising from past events

How should a contingent liability be recognised?

As a disclosure note in the accounts

As a non-current liability

No item should be recorded until the event occurs

As a current liability

How many criteria need to be met in order for a provision to be recognised?

3

10

1

5

How many conditions will now be included in determining whether a present obligation exists or not?

1

3

0

5

Which of the following is an item specifically covered by the exposure draft?

All of the above

Discount rates

Environmental concerns

Redundancy provisions

Which of the following statements are correct regarding the proposals? Statement 1, The exposure draft will result in the removal of IFRIC 21 Levies, or Statement 2, The exposure draft is seeking to make changes to IAS 37

Statement 2 only is correct

Neither statement is correct

Both statements are correct

Statement 1 only is correct

Which of these is not an example of a condition in establishing whether a present obligation exists?

Past-event condition

Obligation condition

Transfer condition

Reliable estimate condition

Which, if any, of the following statements is correct? Statement 1, The exposure draft also discusses what costs should be included in a provision, or Statement 2, The exposure draft covers extra disclosures for contingent liabilities

Statement 2 only is correct

Statement 1 only is correct

Neither statement is correct

Both statements are correct

Obligation clarification?

Which of these is the correct definition of a provision?

Which of the following changes were made to the definition of a liability?

When should a contingent liability to be recognised?

How should a contingent liability be recognised?

How many criteria need to be met in order for a provision to be recognised?

How many conditions will now be included in determining whether a present obligation exists or not?

Which of the following is an item specifically covered by the exposure draft?

Which of the following statements are correct regarding the proposals? Statement 1, The exposure draft will result in the removal of IFRIC 21 Levies, or Statement 2, The exposure draft is seeking to make changes to IAS 37

Which of these is not an example of a condition in establishing whether a present obligation exists?

Which, if any, of the following statements is correct? Statement 1, The exposure draft also discusses what costs should be included in a provision, or Statement 2, The exposure draft covers extra disclosures for contingent liabilities

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