IAS 37 – PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
IAS 37 – PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS LEARNING OBJECTIVES I.DEFINITIONS II.PROVISION RECOGNITION III.THRESHOLD of IAS 37 IV. EXAMPLE FOR IAS 37 ………………………………………………………… I. DEFINITIONS A provision is a liability where the timing or the amount is uncertain. A contingent liability is a liability that may result, but depends (or is contingent) on the outcome of uncertain events. For
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I. Provision A provision is a liability of uncertain timing or amount. Uncertainty is what distinguishes a provision from another type of liability ( such as a trade payable or an accrued expense). If a business has a trade payable or a bank overdraft, its management know that there is a liability. Management also knows the amount that the business
Continue reading IAS 37 – PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (F3)
IAS 37 – PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (F3): LEARNING OBJECTIVES I.DEFINITIONS II.PROVISION RECOGNITION III.THRESHOLD of IAS 37 IV.EXAMPLE FOR IAS 37 ……………………………………………………… I. DEFINITIONS A provision is a liability where the timing or the amount is uncertain. A contingent liability is a liability that may result, but depends (or is contingent) on the outcome of uncertain events. For
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