chapter 12 - liabilities, provisions

The exercise was created 18.09.2024 by Makizon. Anzahl Fragen: 8.

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What should a provision for restructuring costs include? The direct costs arising from the reconstructing
How can a contingent liability be defined? A possible obligation confirmed by uncertain future events not within control of the company
How will the calculation of the provision be affected if it is long term? It should be calculated as the present value of the expenditure
What is an onerous contract? A contract in which the cost of meeting the obligation is above the benefits
How will the accounting be affected if it is no longer probable that an outflow of economic benefits will be required to settle the obligation? It should be reversed
How is a provision defined? A liability of uncertain timing and amount
What is an obligating event and why is it important in calculating a provision? When there can be no realistic alternative to settle and without the event there cannot be a provision
Where is the contingent liability presented in the financial reports? In the notes

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