What term describes an obligation of uncertain timing or amount that is recognized on financial statements when probability requirements are met?

Explanation

• A Provision is a liability of uncertain timing or amount that is recognized on balance sheets when a present obligation exists and outflow is probable.
• Contingent Liabilities are unrecorded potential obligations disclosed only in footnotes unless remote.
• IAS 37 governs criteria for recognizing provisions and disclosing contingent liabilities.