Engineering Economy and Financial Feasibility Quiz
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Questions and Answers

What does IAS 37 provide comprehensive guidance on?

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

    • What does IAS 37 stipulate criteria for?

  • Measuring provisions
  • Recognizing contingent liabilities
  • Recognizing provisions (correct)
  • Measuring contingent assets

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

  • Ignored in measurement
  • Discounted to present value (correct)
  • Discounted at a future value
  • Measured at face value

    • What specific guidance does IAS 37 offer?

    <p>Types of provisions like restructuring and onerous contract provisions</p> Signup and view all the answers

    When are contingent liabilities mandated to be disclosed?

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

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