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Question 1 IAS 37 Provisions, contingent liabilities and Contingent assets prescribes the accounting and disclosure for those items named in its title. Required Definition provision

Question 1
IAS 37 Provisions, contingent liabilities and Contingent assets prescribes the accounting and disclosure for those items named in its title.
Required
Definition provision and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.

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