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IAS 37 Provisions, Contingent Liabilities and Contingent Assets LIABILITIES, PROVISIONS & CONTINGENCIES A liability is a present obligation of the entity arising from past events, the settlement of which is
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_Summary - Free download as PDF File (.pdf), Text File (.txt) or read online for free. IAS 37 provides guidance on accounting for provisions, contingent liabilities, and contingent assets.
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_Summary - Free download as PDF File (.pdf), Text File (.txt) or read online for free.
This Standard sets out the required accounting treatment and disclosures for provisions, contingent liabilities and contingent assets. These are linked by their commonality as areas that require judgment at the end of an accounting period.
Customer)refunds) Recognise)aprovision)if)en;ty's)established)policy)is)to)give)refunds)(past
