Engineering Economy and Financial Feasibility Quiz
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Questions and Answers

What does IAS 37 provide comprehensive guidance on?

  • Recognizing and measuring financial assets
  • Recognizing, measuring, and disclosing provisions, contingent liabilities, and contingent assets (correct)
  • Recognizing and disclosing provisions only
  • Recognizing and disclosing contingent assets only

    • What is one of the stipulated criteria for recognizing provisions according to IAS 37?

  • Preventing manipulation of profits by companies (correct)
  • Ignoring risks and uncertainties
  • Maximizing profits for companies
  • Avoiding recognition of provisions

    • How are risks and uncertainties factored into provision measurement according to IAS 37?

  • Ignored in measurement
  • Discounted to present value (correct)
  • Not factored into measurement
  • Increased in measurement

    • What specific guidance does IAS 37 offer regarding provisions?

    <p>Outlines conditions for recognizing and measuring provisions</p> Signup and view all the answers

    When are contingent liabilities mandated to be disclosed according to IAS 37?

    <p>Unless outflows are remote</p> Signup and view all the answers

    What is the purpose of IAS 37?

    <p>IAS 37 provides comprehensive guidance on recognizing, measuring, and disclosing provisions, contingent liabilities, and contingent assets.</p> Signup and view all the answers

    How does IAS 37 prevent manipulation of profits by companies?

    <p>IAS 37 stipulates criteria for recognizing provisions, preventing manipulation of profits by companies.</p> Signup and view all the answers

    How are risks and uncertainties factored into provision measurement according to IAS 37?

    <p>Risks and uncertainties are factored into provision measurement and discounted to present value.</p> Signup and view all the answers

    What specific guidance does IAS 37 offer regarding provisions?

    <p>IAS 37 offers specific guidance on types of provisions like restructuring and onerous contract provisions.</p> Signup and view all the answers

    When are contingent liabilities mandated to be disclosed according to IAS 37?

    <p>Contingent liabilities are mandated to be disclosed unless outflows are remote.</p> Signup and view all the answers

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