Economics · Financial Accounting
Tim Co decided to reorganise a manufacturing facility and commissioned a consulting engineer to carry out a feasibility study, setting up a provision at 31 December 20X1. Staff functions will change, so Tim Co contracted for staff retraining to take place in January 20X2 and also set up a provision. Under IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), which of these is a valid provision?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither the reorganisation nor the staff training✓
- 2The reorganisation and the staff training
- 3The staff training
- 4The reorganisation
Correct answer
Neither the reorganisation nor the staff training
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