Which of the following statements is true regarding the recognition of a contingent liability under IFRS?
a) Where the probability of a contingent liability is remote, an entity is required to disclose details of the contingent liability in the notes.
b) Where the probability of a contingent liability is probable, a provision is recognized only in situations where the exact amount of the liability is known.
c) Where the probability of a contingent liability is probable and measurable, the entity can choose whether to record the liability and disclose details in the notes, or just disclose.
d) Where the probability of a contingent liability is possible, an entity is required to disclose details of the contingent liability in the notes.