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IAS 37 PROVISIONS, CONTINGENT ASSESTS AND LIABILITIES

IAS 37 PROVISIONS, CONTINGENT ASSESTS AND LIABILITIES
Restructuring
The recognition of provisions for
restructuring can only be recognized when
Have a detailed formal plan to carry out
the restructuring in which they are
identified
A real expectation of restructuring has
been created
Value of the provision will only include the
estimated disbursements of said
restructuring
Future loss of operations
Provisions are not recognized for this
concept since they do not meet the
definition of a liability or the criteria for
recognizing provisions.
Recognition of liabilities and
contingent assets
Contingent liability
The entity should not recognize a
contingent liability
Contingent asset
The entity must recognize a contingent
asset
Provision recognition
The entity has a legal or implicit obligation
as a result of a past event
Resources are likely to be released to settle
the obligation
A reliable estimate of the timing of the
obligation can be made
Definitions
Provision: liability in which there is
uncertainty about its amount or maturity
Contingent liability: Possible obligation
arising from past events
Contingent asset: possible asset as a result
of past events whose existence must be
confirmed only by the occurrence or not of
future events.
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