Accounting under IFRS – IAS 37

IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions, together with contingent assets and contingent liabilities.During this training session the participants will obtain a comprehensive understanding of the detailed requirements of these standards.BACKGROUND INFORMATIONIAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation where the time value of money is material.OBJECTIVES OF THE SESSIONBy the end of the training session the participants will obtain an understanding of the:definitions of a provision, contingent liability and contingent asset, and the recognition, measurement and disclosure requirements of such under IAS 37.