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1: Measurement of these liabilities requires significant judgment. What are the advantages and disadvantages of underestimating versus overestimating the amount? 2: Why do you think

1: Measurement of these liabilities requires significant judgment. What are the advantages and disadvantages of underestimating versus overestimating the amount?

2: Why do you think IASB do not provide more bright-line rules for when contingent provision should be recognized or contingent liability disclosed? Do IAS 37 provide managers too much discretion in recognizing and estimating the amounts of provision?

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