Question：Which of the following best describes a provision according to IAS 37 Provisions, contingent liabilities and contingent assets?
A. A provision is a possible obligation of uncertain timing or amount.
B. A provision is a possible asset that arises from past events.
C. A provision is a credit balance set up to offset a contingent asset so that the effect on the statement of financial position is nil.
D. A provision is a liability of uncertain timing or amount.
The correct answer is: A provision is a liability of uncertain timing or amount.
A contingent liability is a possible obligation of uncertain timing or amount.
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