What is Provision (under IFRS) and What is the Feature?
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 …
Posts tagged IAS 37
Accounting Standard for Provisions [IAS 37] Summarized
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”. …
Recognition and Measurement Of Provision [Adapted from IAS 37]
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 …