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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Provision and Contingent Liabilities
Good day sir,
in order to qualify as provision, the chance must be more than 50% is it?? which means fulfill ALL the 3 conditions
Is that possible to have scenario like the chance is possible (5 to 50%) and we know the provision amount so we disclose the provision amount in the notes? or straight away less than 50% is equivalent to contingent liabilities ady?
Thanks you so much
Hi,
Yes if it is greater than 50% then we will provide, if it is less than 50% then we disclose the amount in the notes as a contingent liability.
Thanks