Search results
Results from the WOW.Com Content Network
IAS 37 establishes the definition of a provision as a "liability of uncertain timing or amount", and requires that all the following conditions be fulfilled before a provision can be recognized: the entity currently has a liability as a result of a past event; an outflow of resources is likely to be needed to settle the liability; and
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 ...
In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or ...
Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities, [23] 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 ...
A current ratio below 1.0 suggests that a company’s liabilities due in a year or less are greater than its assets. A low current ratio could indicate that the company may struggle to meet its ...
An executory contract is defined as a contract under which neither party has performed any of its obligations (e.g. delivering an object and paying for that object) or both parties have partially performed their obligations to an equal extent. In case of an executory contract, IAS 37 does not apply and neither an asset nor a liability is recorded.
For premium support please call: 800-290-4726 more ways to reach us
This list comprises the world's largest companies by consolidated revenue, according to the annually ranked Fortune Global 500 published by Fortune magazine, as well as other sources. [2] Out of 50 largest companies 23 are American , 17 Asian and 10 European .