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 outlines accounting for provisions, contingent assets, and contingent liabilities, including measurement at the best estimate and present value of expenditures.

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.

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).

contingent asset is a possible asset that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. An obligating event gives rise to a present obligation.

6 days ago · IAS 37, originally issued in 1998, is the one-stop-shop guidance for provisions and contingencies under IFRS Accounting Standards. Over the years, the business environment has evolved, and companies have encountered increasingly complex transactions and uncertainties, in particular in relation to climate-related commitments and threshold-based ...

Before a separate provision for an onerous contract is recognised, an entity recognises any impairment loss (IAS 36 Impairment of Assets) that has occurred on assets used in fulfilling the contract . The cost of fulfilling a contract comprises the costs that relate directly to the contract.

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 …

Feb 25, 2025 · In recent years, the IASB has received feedback from stakeholders about certain application issues surrounding IAS 37: stakeholders have had difficulties in applying the IAS 37 recognition criteria to certain complex transactions; investors have felt that the current recognition guidance resulted in unsatisfactory outcomes for some levies; and there was a lack of clarity …