The Relevant International Accounting Standard (IASB) - Assignment Example

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The Relevant International Accounting Standard (IASB)

Contingent assets and contingent liabilities are not recognized but disclosed in the financial statement of the company. The main focus and objective of the standard is that the entity recognizes provision in its balance sheet with is the best estimate of the expenditure to settle an obligation at the end of its financial year. This estimate is the amount of cash outflow that the entity is likely to pay in the future. IAS 37 requires the corporation to take into consideration the following essentials when recording provisions in its financial statements, Take all the future and probable risks and uncertainties into account Calculate the present value of the provision by selecting a suitable discount rate. This will represents the current market value of the assessment of the future outflow of economic benefits Take future changes, such as law and changes in technological changes into consideration Expected disposals form the assets are not taken into consideration no matter how closely the disposal of asset is linked to determining the provision Similarly, there are circumstances in which provision is closely linked to the recognition of revenue; an example would be when an entity gives guarantees in exchange for a fee. ...Show more

Summary

Contents Overview of the relevant international accounting standard (IASB), recognition, measurement, presentation and disclosure details, comparison with the US GAAP  7, example from annual report, discussion, overview of the relevant international accounting standard (IASB), provision can be defined as a liability of uncertain timing or amount…
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