chapter  24
14 Pages

Provisions, Contingent Liabilities, and Contingent Assets

This chapter focuses on the accounting and disclosure of provisions and contingencies in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Accounting requirements for provisions and contingencies should enable users to understand their nature, timing and amount. This IFRS also provides application guidance relating to three specific cases: future operating losses, onerous contracts, and restructurings.