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IAS 37 is an international accounting standard that sets out the requirements for recognizing and disclosing provisions, contingent liabilities and contingent assets. It defines a provision as a liability of uncertain timing or amount, and requires that it be recognized only when the entity has a liability.
A contingent liability is a possible future expense that depends on an uncertain event, such as a lawsuit outcome. Learn how to classify, record, and disclose contingent liabilities in accounting, with examples and references.
Learn about the history, adoption, and conceptual framework of IFRS, the global accounting standards issued by the IFRS Foundation and the IASB. Compare IFRS with US GAAP and other national standards, and see the profiles of IFRS use in 166 jurisdictions.
A liability is a quantity of value that a financial entity owes, such as money owing on a loan or a duty to others. Learn about the characteristics, classification, and accounting equation of liabilities, and see examples and references.
A provision is a liability or an expense in financial accounting, depending on the accounting standards. Learn the definition, recognition, examples and differences of provisions, reserves, executory contracts and restructuring.
A contingent claim is a derivative whose payoff depends on the value or event of another asset. Learn how contingent claim analysis is used in financial economics, corporate finance, and valuation of options, securities, and assets.
Accretion expense is a periodic expense recognized when updating the present value of a balance sheet liability, which has arisen from a company's obligation to perform a duty in the future. Learn how to calculate accretion expense and see an example of asset retirement obligation.
Off-balance-sheet items are assets, debts, or financing activities not on the company's balance sheet. Learn how off-balance-sheet items can affect accounting, banking, and fraud, and see some examples of off-balance-sheet transactions.