Please enable JavaScript.

Coggle requires JavaScript to display documents.

IAS 37 - Provision, Contingent Liabilities and Contingent Assets - Coggle…

- - - - confirmed by
        occurrence/non-occurrence
      - uncertain future events not
      - within the entity's control.
    - - not probable transfer of economic benefits
      - The amount cannot be measured reliably
    - - not be recognised in financial statements
      - should be disclosed
        
        Details any uncertainties relating to the amount/ timing of the outflow
        
        The possibility of any reimbursement
        
        An estimate of their financial effect
  - - - confirmed by occurrence or non-occurrence
      - not wholly within the control of the entity.
    - - NOT be recognised.
      - virtually certain (money is highly collectable)=> recognized => not contingent asset
      - Disclosure
        
        Nature of the contingent asset
        
        Estimate it financial effect/ a statement not practicable
- - - - Legal obligation
        
        Regulation
        
        Law
      - Constructive obligation
        
        indicates entity will accept certain responsibilities
        
        past practice, published policies, specific statements
  - - - For large populations of events
      - warranties, customer refund,...
    - - For one – off events
      - restructuring,environmental clean-up,...