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IAS 37 开始学习
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'a liability of uncertain timing or amount' The key difference between a provision and a contingent liability is that provision is accounted for at present as a result of a past event whereas a contingent liability is recorded at present to account for a possible future outflow of funds.
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Contingent liability definition: 3cz 开始学习
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A possible obligation | whose existence will be confirmed by uncertain future events | outside of the entity's control.
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Contingent asset definition: 3cz 开始学习
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A possible asset | whose existence will be confirmed by uncertain future events | outside of the entity's control.
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Provision is recognised when: 3cz 开始学习
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an entity has a Present obligation* as a result of a past event, | It is Probable that an outflow of economic benefits will be required, | and a reliable Estimate can be made. PPE
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Measurement of provision: 2cz 开始学习
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The amount recognised should be the best estimate of the expenditure required to settle the obligation. | Where the time value of money is material, the provision should be discounted to present value. 'best estimate' | 'discounted to PV'
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Specific guidance for provisions have use in following cases: 3 开始学习
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Future operating losses, | Onerous contracts, | Restructuring.
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Future operating losses treatment. 开始学习
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Provisions should not be recognised for future operating losses.
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Provisions. Onerous contract treatment. 开始学习
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Provisions should be recognised for the obligation under the contract.
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Provisions. Restructuring treatment. 2cz 开始学习
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Provisions can only be recognised where an entity has a CONSTRUCTIVE OBLIGATION to carry out the restructuring. | A constructive obligation arises when there is a DETAILED FORMAL PLAN and the plan has been announced to those affected.
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Contingent liabilities should not be recognised. They should be... unless... 2 开始学习
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disclosed unless the possibility of a transfer of economic benefits is remote.
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Contingent assets should not be recognised. They should be disclosed when... 开始学习
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when the possibility of an inflow of economic benefits is probable.
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Events after the reporting period - definition. 开始学习
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Events which occur after the year end but before the financial statements are approved.
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Events after the reporting period occur in two cases: 2 开始学习
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Gives new evidence on condition which exist at the year end. | Gives new evidence on condition which did not exist at the year end.
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Accounting treatment of Events after reporting period if they give new evidence on condition which EXISTED at the year end. 开始学习
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Accounting treatment of Events after reporting period if they give new evidence on condition which DID NOT exist at the year end but impacts GC assumption. 开始学习
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Accounting treatment of Events after reporting period if they give new evidence on condition which DID NOT exist at the year end and does NOT impact GC assumption. 2cz 开始学习
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Disclose the nature | and the estimate of financial effect.
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