Under AASB 137 Provisions, Contingent Liabilities and Contingent Assets
Under AASB 137 Provisions, Contingent Liabilities and Contingent Assets, a provision shall be recognized when?
A. Possible obligation only
B. Present obligation with probable outflow and reliable estimation
C. Future obligation with uncertain amount
D. Remote obligation
Answer: B
Explanation: Three recognition criteria for provisions: present obligation, probable economic outflow, reliable amount estimation.
