Provisions, contingent liabilities and contingent assets in april 2001 the international accounting standards board adopted ias 37 provisions, contingent liabilities and contingent assets,. Present obligation, probability of outflow of resources, onerous contracts, restructuring provisions, levies (ifric 21) and more on ias 37. About ias 37 defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets.
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It deals with all types of provisions not addressed by specific.
For some acca candidates, specific ifrs® accounting standards are more favoured than others.
Ias 37 sets out recognition criteria and measurement bases for provisions, contingent liabilities, contingent assets and the related disclosure requirements. All the paragraphs have equal authority but retain the. Ias 37, provisions, contingent liabilities and contingent assets appears to be less. Provisions, contingent liabilities and contingent assets, or ias 37, is an international financial reporting standard adopted by the international accounting.
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.
