CPA Uganda Intermediate Practice Questions - ICPAU CPA(U) Intermediate Level Exam

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Under IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), which of the following is NOT a required condition for recognizing a provision?

A present obligation (legal or constructive) exists as a result of a past event It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation A reliable estimate can be made of the amount of the obligation The obligation must be legally enforceable in a court of law

Correct Answer:

The obligation must be legally enforceable in a court of law

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