According to IAS 37 (Provisions,contingent Liabilities and Contingent Assets)for a Provision

Multiple Choice

According to IAS 37 (provisions,contingent liabilities and contingent assets) for a provision to be recognized there must be:

A) A proven outflow of economic resources which has been independently valued
B) A probable outflow of economic resources which has been independently valued
C) A probable outflow of economic resources of which a reliable estimate can be made
D) A definite outflow of economic resources of which an accurate valuation can be made