Economics · Accounting Standards
In accordance with IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), identify which of the following statements are TRUE or FALSE: 1. Provisions should be made for both constructive and legal obligations. 2. Discounting may be used when estimating the amount of a provision. 3. A restructuring provision must include the estimated costs of retraining or relocating continuing staff. 4. A restructuring provision may only be made when a company has a detailed plan for the restructuring and has communicated a firm intention to interested parties.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1All of the above
- 21, 2 and 4 only✓
- 32 and 4 only
- 42 only
Correct answer
1, 2 and 4 only
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Accounting Standards MCQs →Want more practice questions on Accounting Standards?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Accounting Standards