AASB 137 Defines a Provision As

AASB 137 defines a provision as:

A) a present obligation arising from past events,the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
B) a liability of uncertain timing and amount.
C) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence/non-occurrence of one or more uncertain events not wholly within he control of the entity.
D) a present obligation that arises from a past event but is not recognised because the amount of the obligation cannot be measured with sufficient reliability.

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