Provisions and contingent liabilities
ID:CVPLC
Video Overview
The recognition criteria for a liability are twofold. One, it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation. Two, that the amount can be reliably measured. If the probability of such an outflow of resources is less probable, it will not be recognised as a liability in the financial statements, but the entity will create or raise a provision for such a probability. If there is not a present obligation, but an obligation that may arise in the future, an entity will disclose such a probability as a contingent liability in the notes to the financial statements. In this tutorial we will discuss provisions and contingent liabilities. The accounting standard that governs provisions and contingent liabilities is IAS37.
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