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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
Events after the Reporting Period (2007) 1978 January 1, 1980: IAS 11: Accounting for Construction Contracts (1979) Construction Contracts (1993) 1979 January 1, 1980: IFRS 15 IAS 12: Accounting for Taxes on Income (1979) Income Taxes (1996) 1979 January 1, 1981: IAS 13 Presentation of Current Assets and Current Liabilities 1979 January 1, 1981 ...
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 ...
Presentation and disclosure. Occurrence — the transactions and disclosures have actually occurred. Rights and Obligations — the transactions and disclosures pertain to the entity. Completeness — all disclosures have been included in the financial statements. Classification — financial statements are clear and appropriately presented.
For example, if a company with five equal-share owners has $1.2 million in assets but owes $485,000 on a term loan and $120,000 for a semi-truck it financed, bringing its liabilities to $605,000 ...
Depreciation and Cost of Goods Sold are good examples of application of this principle. Full disclosure principle: Amount and kinds of information disclosed should be decided based on trade-off analysis as a larger amount of information costs more to prepare and use. Information disclosed should be enough to make a judgment while keeping costs ...
The formal accounting distinction between on- and off-balance-sheet items can be quite detailed and will depend to some degree on management judgments, but in general terms, an item should appear on the company's balance sheet if it is an asset or liability that the company owns or is legally responsible for; uncertain assets or liabilities ...
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