Question：Which of the following best describes a provision according to IAS 37 Provisions, contingent liabilities and contingent assets?
　　A. A provision is a possible obligation of uncertain timing or amount.
　　B. A provision is a possible asset that arises from past events.
　　C. A provision is a credit balance set up to offset a contingent asset so that the effect on the statement of financial position is nil.
　　D. A provision is a liability of uncertain timing or amount.
　　The correct answer is: A provision is a liability of uncertain timing or amount.
　　A contingent liability is a possible obligation of uncertain timing or amount.