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.
Which among the following can be considered as a part of the Secondary Market?
In the RBI’s survey, what percentage of the total responding entities were responsible for India’s software services exports?
Under SEBI’s new guidelines, what is the online cut-off time for same-day NAV in overnight fund redemptions?
What was the name of the integrated firepower exercise conducted by the Indian Army’s Sapta Shakti Command?
Why has UNESCO recommended adding Venice to the list of world heritage sites in danger?
According to bilateral labour mobility arrangements between India and Israel, approximately how many Indian workers are expected to move to Israel over ...
The Central Bank of India signed a distribution agreement in February 2026 with which asset management company to offer mutual fund products?
Where are the headquarters of the Indian Institute of Corporate Affairs?
Who is the current (as of July 2025) No. 1 in ICC Women’s ODI batting rankings as of 2025?
In December 2021, IIT-_______ signed an MoU with the Indian Air Force (IAF) for various developmental projects to support the requirements of the IAF.
