Under ifrs, if the probability that an obligation is going to arise is greater than ____, and the amount can be estimated, then a "provision" should be recorded by making a journal entry.

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31-10-2022
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Under ifrs, if the probability that an obligation is going to arise is greater than ____, and the amount can be estimated, then a "provision" should be recorded by making a journal entry.

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SwetaUpadhayay SwetaUpadhayay · Answer 1 · 2022-11-04T11:28:08+01:00

According to IFRS, if the probability of an obligation is greater than 50% and the amount can be estimated, a "provision" should be recorded by making a journal entry.

What exactly is IFRS?

International Financial Reporting Standards (IFRS) is an abbreviation for International Financial Reporting Standards. IFRS is the international accounting framework for organizing and reporting financial data. It is derived from the International Accounting Standards Board's pronouncements in London (IASB).

It is now the standard accounting framework in over 120 countries. IFRS requires businesses to report their financial results and financial position in accordance with the same rules; this means that, barring any fraudulent manipulation, there is significant uniformity in the financial reporting of all businesses that use IFRS, making it easier to compare and contrast their financial results.

Learn more about IFRS with the help of the given link:

brainly.com/question/14693803

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