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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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If a company that uses IFRS determines that a provision must be accrued and estimates a range of possible outcomes between $60,000 and $1 00,000 with no one amount being more likely than another, what amount should be accrued as a provision?

To determine

Identify the amount that must be accrued as provision.

Explanation

International Financial Reporting Standards (IFRS):

IFRS are a set of international accounting standards which are framed, approved, and published by IASB for the preparation and disclosure of international financial reports.

Contingent liability:

This is an uncertain obligation which might be incurred on a future date as a result of any past transaction. So, the companies should provide provision for such uncertain liabilities in the financial statements...

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