Web Summaries IAS 37: Provisions, Contingent Liabilities and ...
Web Summaries IAS 37: Provisions, Contingent Liabilities and ...
Web Summaries IAS 37: Provisions, Contingent Liabilities and ...
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<strong>Web</strong> <strong>Summaries</strong><strong>IAS</strong> <strong>37</strong>: <strong>Provisions</strong>, <strong>Contingent</strong> <strong>Liabilities</strong> <strong>and</strong> <strong>Contingent</strong> AssetsA contingent liability is not recognised, but is disclosed unless the possibility of anoutflow of resources is remote.A contingent asset is not recognised, but is disclosed when an inflow of economicbenefits is probable.<strong>IAS</strong> <strong>37</strong> specifies disclosures about provisions, contingent liabilities <strong>and</strong> contingentassets.
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