According to IAS 37 - Provisions, Contingent Liabilities, and Contingent Assets choose two of the following that best describes the source of constructive obligation? I. Legislation II. Contract III. A published policy IV. An established pattern of past practice * O Il and IV O II and IV O I and III O I and II
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- Analyse the issue(s)/problem(s) faced by SSB by referring to the MFRS 137 Provisions, Contingent Liabilities and Contingent Assets (CTPS Question –Problem analysis)Examining the classifications of obligations either as secured or unsecured, most relate to the assertions of A. rights and obligationsB. existence or occurrenceC. presentation and disclosureD. valuation or allocationGuaranty constituted to guarantee the obligation of a guarantor: a. Legal guaranty b. Conventional guaranty c. Continuing guaranty d. Double or Sub-Guaranty
- Analyse the issue(s)/problem(s) faced by SSB by referring to the MFRS 137 Provisions, Contingent Liabilities and Contingent Assets_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contractte of insurand O D. policy form 21. What is the form that filled out by insured if a loss is suffered? * O A. Loss form B. Completion notes C. Endorsement D. Claim form 22. is the application document used for making the proposal.
- 1. An SME shall measure a provision a. at fair value b. at cost c. at the best estimate of the amount required to settle the obligation at the reporting date. d. any of theseWhich of the following is not a condition in identifying the contract with the customer as per IFRS 15? The entity and the customer have approved the contract and are committed to perform their contractual obligations It is certain that the entity will collect the consideration to which it is entitled Each party's rights with regard to the goods or services concerned can be identified The payment terms can be identified EN 2时 6 lFor each class of provision, AASB 137 Provisions, Contingent Liabilities and... For each class of provision, AASB 137 Provisions, Contingent Liabilities and Contingent Assets requires an entity to disclose the following information: I. Comparative information; II. Unused amounts reversed during the period; III. Additional provisions made during the period; IV. The carrying amount at the beginning and end of the period; V. A brief description of the nature of the obligation and the expected timing. O a. II, III and IV only. O b. I, II, and III only. OC I, III, IV and V only. O d. II, III, IV and V only.
- In the Insuring Agreement, what word is used to ensure all conditions are met to meet a condition? a.; or Ob.: and Oc.; and Od, andUnder IFRS it is greater than probability that an obligation is going to arise and the amount can be estimated then a provision should be recorded by making a journal entry -67% -50% -25% -33%Step 1 of the "five-step model" states that certain conditions must be satisfied before an entity can account for a contract with a customer. Which of the following is not one of these conditions? Oa The entity and the customer have approved the contract and are committed to perform their contractual obligations. O b. The payment terms can be identified. O citis certain that the entity will collect the consideration to which it is entitled. Od. Each party's rights about the goods or services concerned can be identified.