The purpose of this course is to familiarize you with the objective of IAS 37 to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The key principle established by IAS 37 is that a provision should be recognized only when there is a liability (i.e., a present obligation resulting from past events).
When you complete this course you will be able to:
- Identify the existence of a provision, contingent liability and contingent asset.
- Determine when to recognize a provision and how to measure it.
- Determine when a contingent item should be disclosed.
Advance Preparation: None
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