1) Which of the following statements regarding provisions and contingent liabilities is false?

a. Under IAS 37, a contingent liability is not recognized on the balance sheet, whereas a provision is.

b. Under IAS 37, a provision should be recognized when (among other things) it is probable that an outflow of resources will be required to settle the obligation.

c. Under IAS 37, contingent liabilities are disclosed in the notes to the financial statements, unless the possibility of an outflow of resources is remote.

d. Under IAS 37, probable is defined as "likely", whereas under U.S. GAAP, probable is defined as "more-likely than not"