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FA Chapter 5 Questions IAS 37 – Provisions, Contingent Liabilities and Contingent Assets

 

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Comments

  1. sandesholi23 says

    April 22, 2023 at 4:43 am

    Why to provide for 110000 and not 60% of 100000 + 10000 ?

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    • John Moffat says

      April 22, 2023 at 9:30 am

      Because the payment is probable (i.e. the chances are more than 50%).

      Did you watch the free lecture before attempting the test?

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  2. syeddaniyalhasan says

    November 8, 2022 at 8:40 pm

    Got 75% 🙂

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  3. C1997 says

    September 9, 2022 at 10:28 pm

    Question 2:
    Why is item 1 considered virtually certain?
    Why is item 2 disclosed by note only and not treated as a provision?

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    • John Moffat says

      September 10, 2022 at 8:48 am

      1. It is virtually certain that there will be warranty claims. How much will be claimed is not sure (it will probably be around 6%) but there are virtually certain to be some claims whatever % it is.

      2. It is only possible that they might have to pay. The might not have to pay anything.

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  4. Wasfi says

    June 22, 2022 at 7:03 pm

    Got 75% .nice

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  5. Tobysaint says

    March 27, 2022 at 2:50 pm

    got 75%

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  6. Hussayn says

    December 20, 2021 at 4:17 pm

    Thanks Mr. John Moffat.
    I got 100%

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    • John Moffat says

      December 21, 2021 at 7:39 am

      🙂

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