A liability of uncertain timing or amount

When the entity has a present obligation and a reliable estimate can be made of the amount of the obligation

Provisions are recognized separately, while other liabilities are not

A contract with unavoidable costs exceeding economic benefits

Gains are recognized only when the assets are actually disposed of

At the end of each reporting period

Reimbursements are recognized only when it is virtually certain that reimbursement will be received if the entity settles the obligation

When there is a legal obligation arising from a past event, the probability of the outflow of resources is less than probable, and a reliable estimate can be made

Note payable

Obligations for plant decommissioning costs

Cleaning up costs of contaminated land when an oil entity has a published policy that it will undertake to clean up all contamination that is causes

A chemical spill from a chemical plant has caused harm to the surrounding wildlife

Time period in which the underlying cause of action occurred

An event which is not recognized because it is not probable that an outflow will be required, or the amount cannot be reasonably estimated

The entity is involved in a legal case which it may possibly lose

probable

Using an imputed interest rate to discount all future payments on the note

The debt instrument should not be recorded on the books of either party until the fair value of the property becomes evident

The payee to whom the obligation is owed must be identified

The signing of a three-year employment contract at a fixed annual salary

appropriately classifying them as regular liabilities in the statement of financial position

provision

a. I, II and III