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Which of the following best describes a provision according to IAS 37 Provisions, contingent liabilities and contingent assets?
A.
A provision is a liability of uncertain timing or amount.
B.
A provision is a possible obligation of uncertain timing or amount.
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 possible asset that arises from past events.