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PROVISION IAS 37 - Coggle Diagram
PROVISION IAS 37
RECOGNITION
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ETHICS
assess threat available 1) intimidation 2) undue influence 3) self interesr (personal gain for mgt) 4) familiarity threat (close relationshp
impact if we follow mgt order, the manipulation suggest by the mgt will rsult into wrong info being reported to the sh/holders
elaborate issue in bigger picture, assess outcome what the mgt trying to achieve
safeguard - communicate to the person in charge directly, to other parties internally, at higher level authority, talk directly to the board, externally like lawyer, relevant authority, resign
CONTINGENT LIABILITIES
disclosure on the nature, estimate, indication and any possible reimbursement
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CONTINGENT ASSETS
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present econ resources able to control, if not able to control, inflow any probable, cannot recognise as asset, disclose as contingent asset
virtually certain, they only able to recognise, bcos able to control
vice versa, do nothing neither recognise it
MEASUREMENT
best estimate
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large population - expected value, probability & cost incur
discounting where time value of money is material, have asset, have present obligation, initial measurement, disc to present value
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RESTRUCTUTING
program that is plan and control by mgt, result in material change how bsns being conducted, how scope bsns goinng to be taken
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i.e.: sell of bsns, close bsns location, change mgt, fundamental recognition
detailed formal plan, clear time line, clear costing, who is going to be affected
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