Question
Which of the following statement is incorrect with
respect to provisions?Solution
Ind AS 37 defines a provision as a liability of uncertain timing and amount and prescribes conditions that have to be satisfied for recognition of a provision. A provision shall be recognised when: · an entity has a present obligation (legal or constructive) that is a result of a past event; · it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and · a reliable estimate can be made of the amount of the obligation. A contingent liability is contingent upon happening/non happening of an event. An entity shall not recognise a contingent liability.
Commercialisation of agriculture is an indication of ___________.
Who among the following established the Indore gharana?
In February 2020, which of the following places was in-principle approved as a site of a new Major Port?
Which among the following Indian Olympians is associated with wrestling sport?
What is the currency of Bangladesh?
Consider the following statements and choose the correct statement(s) from the following:
1. The UDAN scheme has completed five years since its i...
In which year did the 44th Amendment remove the right to property from the list of fundamental rights?
India Post Payments Bank has partnered with which insurance company to offer term and annuity products to its customers.
How much loan does the banks provide to the MSME small businesses according to the revised policy?
Who served as first vice-chairman of the government of India think-tank NITI Aayog?
