CERTYNEX IFRS ACADEMY

In Quavence's industry, a widespread practice is to recognise no obligation for a commitment that nevertheless meets the Conceptual Framework definition of a liability. No IFRS specifically addresses this commitment (case data). May Quavence follow this practice?

Yes, if most listed competitors have applied the same practice for several years.

Yes: an accepted industry practice overrides the Conceptual Framework.

No: an industry practice that conflicts with the Conceptual Framework definitions cannot be used.

Yes, provided the practice is described in the notes.