Question Details

Contingent liabilities are not reported in the financial statements 



True / False Questions

1.	Short-term debt obligations are classified as current liabilities unless an agreement to refinance is completed before the financial statements are issued.
	2.	For purposes of recognizing a provision “probable” is defined as more likely than not
	3.	A provision differs from other liabilities in that there is greater uncertainty about the timing and amount of settlement.
	4.	IFRS allows for reduced disclosure of contingent liabilities if the disclosure could increase the company`s chance of losing a lawsuit.
	5.	Contingent liabilities are not reported in the financial statements but may be disclosed in the notes to the financial statements if the likelihood of an unfavorable outcome is possible.




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