Provision: a liability of uncertain timing or amount.
Liability:
present obligation as a result of past events
settlement is expected to result in an outflow of resources (payment)
Contingent liability:
a possible obligation depending on whether some uncertain future event occurs, or
a present obligation but payment is not probable or the amount cannot be measured reliably
Contingent asset:
a possible asset that arises from past events, and
whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
Join Our Telegram Group
Main Channel : t.me/kallanzclasses
For Discussion : t.me/joinchat/Ur7MosJ0tV4ihLwA
#CA #CMA #CA_Foundation #CMA_Foundation #Accounts
#CAFoundation #CMAFoundation