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Provisions - Coggle Diagram
Provisions
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Materiality
Information is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity
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Contingent liability
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Existence confirmed by occurrence or non-occurrence of uncertain future events (not wholly within control of entity)
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Not recognized because:
- Outflow of economic benefits not probable, or
- Amount cannot be measured reliably
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Disclosure of provisions
- For each class of provision disclose:
- Carrying amount - beginning and end
- Additional provisions made during period
- Amounts used during period
- Unused amounts reversed during the period
- Time value of money, adjustments during the period (finance costs)
- Brief description of nature of the obligation and expected timing of outflows of economic benefits
- Uncertainties of the amount / timing of cash flows
- Amount of expected reimbursement, amount of asset recognized for expected reimbursement
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Contingent asset
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Existence confirmed by occurrence or non-occurrence of uncertain future events (not wholly withing control of entity)
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