Search results
Results from the Health.Zone Content Network
International Accounting Standard 37: Provisions, Contingent Liabilities and Contingent Assets, or IAS 37, is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It sets out the accounting and disclosure requirements for provisions, contingent liabilities and contingent assets, with ...
In the International Financial Reporting Standards (IFRS), the treatment of provisions (as well as contingent assets and liabilities) is found in IAS 37. Definition. A provision can be a liability of uncertain timing or amount.
IAS 35 Discontinuing Operations 1998 July 1, 1999: January 1, 2005: IFRS 5: IAS 36: Impairment of Assets 1998 July 1, 1999: IAS 37: Provisions, Contingent Liabilities and Contingent Assets 1998 July 1, 1999: IAS 38: Intangible Assets: 1998 July 1, 1999: IAS 39: Financial Instruments: Recognition and Measurement 1998 January 1, 2001: January 1 ...
Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities, this prohibition is not applicable to the accounting for contingent liabilities in a business combination. In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources ...
v. t. e. In financial accounting, a liability is a quantity of value that a financial entity owes. More technically, it is value that an entity is expected to deliver in the future to satisfy a present obligation arising from past events. [1] The value delivered to settle a liability may be in the form of assets transferred or services performed.
The increase of assets and liabilities by $1,282 will affect financial ratios, for example return on assets will decline, debt-to-equity ratio will increase, etc. Calculations are somewhat different under IAS 37, because the discount rate is regularly recalculated during the life of the ARO to reflect current market conditions.
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
Under International Financial Reporting Standards, this difference is best summarized by IAS 37 which states: "11 Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement.