Under ifrs, if the probability that an obligation is going to arise is greater than ____, and the amount can be estimated, then a "provision" should be recorded by making a journal entry.

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31-10-2022
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Under ifrs, if the probability that an obligation is going to arise is greater than ____, and the amount can be estimated, then a "provision" should be recorded by making a journal entry.

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Neetuverma Neetuverma · Answer 1 · 2022-11-04T13:46:16+01:00

Under IFRS, if the probability that an obligation is going to arise is greater than 50% probability that an obligation is going to arise.

What are IFRS?

International Financial Reporting Standards, or IFRS, are accounting guidelines released by the International Accounting Standards Board and the IFRS Foundation (IASB). They serve as a standard method of describing a company's financial performance and position so that financial statements are clear and comparable across national boundaries. They are especially important for businesses whose shares or securities are listed on a stock exchange open to the public.

Around the world, IFRS have taken the place of numerous national accounting standards, but in the United States, where U.S. GAAP is used, they have not done so. In June 1973, accounting organizations from ten different nations formed the International Accounting Standards Committee (IASC). International Accounting Standards (IAS), interpretations, and a conceptual framework were all created and published by it.

To learn more about IFRS, visit:

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