IAS 37 Provisions, Contingent Liabilities and Contingent Assets

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Accounting standard International Accounting Standard

IAS 37 Provisions, Contingent Liabilities and Contingent Assets is an International Accounting Standard that sets out the criteria and measurement rules for recognizing and disclosing provisions, contingent liabilities, and contingent assets in financial statements.

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Statements (48)

Predicate	Object
instanceOf	Accounting standard ⓘ International Accounting Standard ⓘ
addresses	Onerous contracts ⓘ Restructuring provisions ⓘ
appliesTo	All entities applying IFRS ⓘ General purpose financial statements ⓘ
defines	Contingent asset ⓘ Contingent liability ⓘ Provision ⓘ
governs	Contingent assets ⓘ Contingent liabilities ⓘ Provisions ⓘ
issuedBy	IASB NERFINISHED ⓘ International Accounting Standards Board NERFINISHED ⓘ
measurementBasis	Best estimate of the expenditure required to settle the present obligation ⓘ
objective	Ensure appropriate recognition and measurement of provisions ⓘ Ensure that contingent liabilities and contingent assets are disclosed appropriately ⓘ Ensure that sufficient information is disclosed about provisions ⓘ
partOf	International Financial Reporting Standards NERFINISHED ⓘ
prohibits	Recognition of provisions for future operating losses ⓘ
recognitionCriterion	Present obligation from past events ⓘ Probable outflow of resources embodying economic benefits ⓘ Reliable estimate of the obligation can be made ⓘ
recognitionRuleForContingentAssets	Contingent assets are not recognized until realization is virtually certain ⓘ
recognitionRuleForContingentLiabilities	Contingent liabilities are not recognized but disclosed ⓘ
relatedConcept	Constructive obligation ⓘ Legal obligation ⓘ Possible obligation ⓘ Present obligation ⓘ
replaced	IAS 10 Contingencies and Events Occurring After the Balance Sheet Date (in respect of contingencies) NERFINISHED ⓘ
requires	Reversal of provisions when outflow is no longer probable ⓘ Review of provisions at each reporting date ⓘ Use of present value when effect of time value of money is material ⓘ
requiresDisclosureOf	Carrying amount of each class of provision ⓘ Contingent assets when inflow is probable ⓘ Contingent liabilities unless outflow is remote ⓘ Major assumptions concerning future events ⓘ Nature of obligations and expected timing of outflows ⓘ Reconciliation of opening and closing balances of provisions ⓘ Uncertainties about amount or timing of outflows ⓘ
scopeExclusion	Executory contracts unless onerous ⓘ Financial instruments within the scope of IFRS 9 ⓘ Insurance contracts within the scope of IFRS 4 or IFRS 17 ⓘ
setsOut	Disclosure requirements for contingent assets ⓘ Disclosure requirements for contingent liabilities ⓘ Disclosure requirements for provisions ⓘ Measurement rules for provisions ⓘ Recognition criteria for provisions ⓘ

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

International Financial Reporting Standards → includesStandard → IAS 37 Provisions, Contingent Liabilities and Contingent Assets ⓘ