IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 37 defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets. A provision is a liability of uncertain timing or amount. The liability may be a legal obligation or a constructive obligation.
International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets (IAS 37) is set out in paragraphs 1–105. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB.
IAS 37 – Provisions, contingent liabilities and contingent assets
IAS 37 stipulates the criteria for provisions which must be met for a provision to be recognised so that companies are prevented from manipulating profits. According to IAS 37, three criteria are required to be met before a provision can be recognised.
IAS Plus
IAS 37 outlines accounting for provisions, contingent assets, and contingent liabilities, including measurement at the best estimate and present value of expenditures.
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 2017 - 07 1 Objective This Standard sets out the required accounting treatment and disclosures for provisions, contingent liabilities and
IAS 37 - Wikipedia
International Accounting Standard 37: Provisions, Contingent Liabilities and Contingent Assets, or IAS 37, is an international financial reporting standard adopted by the International Accounting Standards Board (IASB).
International Accounting Standard 37 Provisions, Contingent
International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets (IAS 37) is set out in paragraphs 1–105. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB.
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets sets the recognition criteria and measurement bases to be applied to provisions, contingent liabilities and contingent assets. This page provides information on the standard and recent …
IAS 37 defines an onerous contract as ‘a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it’.
IAS 37 prohibits recognition of contingent liabilities given that they are either: • Possible obligations, as it has yet to be confirmed whether the entity has a present obligation that could lead