IAS 37 - Provisions, Contingent Liabilities and Assets
Recognising Provisions, Contingent Liabilities, and Contingent Assets Under IAS 37
About This Course
Course Information
The learning outcomes from this accounting standards CPD course include: The conditions to be met to recognise a provision How to make a reliable estimate Understanding contingencies and impacts on the financial statements Different types of provisions
Certificate on Completion
This course is made up of videos, questions and additional reading materials, and accounts for 2 units of CPD. One unit is the equivalent of one hour of learning. A certificate will be issued when all 2 units are completed.
Course Sections
This course is made up of the following sections:
- Determining a Provision (video)
- Determining a Provision (quiz)
- Contingencies (video)
- Contingencies (quiz)
What You Will Learn
- Define a provision as a liability of uncertain timing or amount and state the three recognition criteria that must all be met
- Distinguish between legal obligations and constructive obligations and give examples of each
- Explain how provisions are measured, including the use of best estimates and discounting when the time value of money is material
- Distinguish between remote, possible, probable, and virtually certain events and determine the accounting treatment for each under IAS 37
- Describe specific types of provisions covered by IAS 37, including restructuring provisions, onerous contracts, and warranty provisions
- Distinguish between contingent liabilities (disclosed in notes) and provisions (recognised on the statement of financial position)
Who This Course Is For
- Accountants making judgements about whether to recognise provisions or disclose contingencies
- Auditors evaluating the completeness and measurement of provisions and contingent liabilities
- Finance professionals preparing for exams covering IAS 37
Prerequisites
- Understanding of liabilities and the recognition criteria in the IFRS Conceptual Framework
- Familiarity with the statement of financial position
Frequently Asked Questions
Course Details
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