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John Moffat.
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jermy01
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Which of the following statements is/are correct?
1 IAS 37 requires disclosure in the notes to the financial statements of the uncertainties affecting
the outcome of a provision2 IAS 10 requires disclosure of the nature and financial effect of a non-adjusting event after the
reporting period in the notes to the financial statements.A 1 only
B 2 only
C Both 1 and 2
D Neither 1 or 2Answer is C
but i don’t understand why statement 1 correct, can you explain it sir?
John Moffat
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As explained in my free lectures, IAS 37 states that provision is disclosed in the notes if it is possible (between 5% and 50% likely) and this uncertainty needs disclosing in the note.
jermy01
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