Search results
Results from the WOW.Com Content Network
It sets out the accounting and disclosure requirements for provisions, contingent liabilities and contingent assets, with several exceptions, [1] establishing the important principle that a provision is to be recognized only when the entity has a liability. [2] IAS 37 was originally issued by the International Accounting Standards Committee in ...
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.
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 ...
Assets must be growing and available to meet the payment of a firm’s liabilities. For example, look at a business that administers pensions. The pension deposits must correspond appropriately to ...
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 ...
Regulations as to the recognition of liabilities are different all over the world, but are roughly similar to those of the IASB. Examples of types of liabilities include: money owing on a loan, money owing on a mortgage, or an IOU. Liabilities of sectors of USA economy, 1945-2017, based on flow of funds statistics of the Federal Reserve System
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 ...