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What is provision? IFRS, the IAS 37 to be exact, defines provision as a liability of uncertain timing or amount. It means that, under the standard,...
Under IAS 37, Provisions, Contingent Liabilities, and Contingent Assets, those liabilities for which amount or timing of expenditure is uncertain are deemed to be “provisions”. IAS...
Prior to the promulgation of IAS 37, in the absence of clear-cut rules of recognition and measurement, entities could charge huge provisions to the income statement...