[单选题]
The following items have to be considered in finalising the financial statements of Borgen:(1) Borgen offers three-month warranties on all its products. Previous experience shows that about 5% of sales give rise to a warranty claim.(2) Borgen has guaranteed the overdraft of another company. The likelihood of a liability arising under the guarantee is assessed as possible.What is the correct treatment of these items in Borgen’s financial statements under International Financial Reporting Standards?
A .Item (1) Recognise a provision; Item (2) Disclose by note only
B .Item (1) Disclose by note only; Item (2) No treatment
C .Item (1) Recognise a provision; Item (2) Recognise a provision
D .Item (1) Disclose by note only; Item (2) Disclose by note only
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