Updated Accounting for Provisions, Contingent Liabilities and Contingent Assets in IFRS

This updated standard’s purpose is to remove any ambiguity about the rules for establishing provisions, thus establishing consistency in the approach while still leaving some room for judgment. It is not always an easy balancing act, but this session will help you achieve that fine balance. By understanding the nature, timing and amounts relating to provisions, contingent liabilities and contingent assets, you will be able to apply the appropriate recognition criteria and measurement bases so that the result is a clear, relevant, reliable, and comparable financial statement. These easy-to-follow guidelines will enable you to fully comply with this standard. Major Topics Covered: Scope of IAS 37 and update. Definition of items specific to IAS 37 and update. Know how to account for estimates. When and how to apply contingent assets and contingent liabilities. Understand and account for risks and uncertainties. Establish, measure, and record provisions. Dealing with constructive obligations. Know the disclosure requirements. Course Key Concepts: IFRS, Provisions, Contingent assets, Contingent liabilities.