Liabilities Flashcards
1
Q
What is a liability?
A
A present obligation of the entity to transfer an economic benefit as a result of a past event.
2
Q
What should the liabilities be capable of to be included in the SFP?
A
Measure with a reasonable level of certainty
3
Q
What is IAS 16?
A
Leases
4
Q
What is IAS 37?
A
Provisions, contingent liability & contingent assets
5
Q
What is IAS 12?
A
Income Taxes
6
Q
What is IAS 10?
A
Events after reporting date
7
Q
What is a provision?
A
Liability of uncertain timing or amount
8
Q
When should a provision be recognised as a liability?
A
- present obligation as a result of a past event
- probable that an outflow economic benefit will be required to settle the obligation
- reliable amount can be made of the amount of obligation
9
Q
If the conditions of a provision can’t be met what is it instead?
A
Contingent liability
