IAS 37 Provisions Contingent Liabilities | Contingent Assets | International Accounting | IFRS
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Загружено: 2019-08-06
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IAS 37 distinguishes between a contingent liability, which is not recognized on the balance sheet, and a provision, which is. A provision is defined as a “liability of uncertain timing or amount.” A provision should be recognized when
1) The entity has a present obligation (legal or constructive) as a result of a past event.
2) It is probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation.
3) A reliable estimate of the obligation can be made.
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