IAS 37 Provisions Contingent Liabilities | Contingent Assets | International Accounting | IFRS
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IAS 37 distinguishes between a contingent liability, which is not recognized on the balance sheet, and a provision, which is. A provision is defined as a “liability of uncertain timing or amount.” A provision should be recognized when
1) The entity has a present obligation (legal or constructive) as a result of a past event.
2) It is probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation.
3) A reliable estimate of the obligation can be made.
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Видео IAS 37 Provisions Contingent Liabilities | Contingent Assets | International Accounting | IFRS канала Farhat's Accounting Lectures
Visit: https://www.farhatlectures.com To access resources such as quizzes, power-point slides, CPA exam questions, and CPA simulations.
Instagram Account: @farhatlectures
Linkedin: https://www.linkedin.com/in/professor...
Facebook: @accountinglectures
Twitter: @farhatlectures
Email: Mansour.farhat@gmail.com
#CPAEXAM #CPAREVIEW #CPA
IAS 37 distinguishes between a contingent liability, which is not recognized on the balance sheet, and a provision, which is. A provision is defined as a “liability of uncertain timing or amount.” A provision should be recognized when
1) The entity has a present obligation (legal or constructive) as a result of a past event.
2) It is probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation.
3) A reliable estimate of the obligation can be made.
My website: https://farhatlectures.com/
Facebook page: https://www.facebook.com/accountinglectures
LinkedIn: https://goo.gl/Pp2ter
Twitter: https://twitter.com/farhatlectures
Email Contact: Mansour.farhat@gmail.com
Видео IAS 37 Provisions Contingent Liabilities | Contingent Assets | International Accounting | IFRS канала Farhat's Accounting Lectures
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6 августа 2019 г. 22:00:07
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