Factsheet Series: IAS 37 Provisions, Contingent Liabilities and Contingent Assets

Originally published at: IAS 37 Provisions, Contingent Liabilities and Contingent Assets | TheAccSense

IAS 37 Provisions, Contingent Liabilities and Contingent Assets is one of the “most talked about” standards in financial accounting. The standard governs the requirements for an entity to recognise provision in its financial statements. The recognition of provision means that there is an increase in the liability amount of the entity’s balance sheet and this…