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PROVISIONS, CONTINGENT LIABILITIES AND ASSETS



            Outcomes









            • Identify the purpose of IAS 37.



            • Define the definitions.



            • Differentiate between provisions and contingent


                liabilities.


            • Recognise and measure provisions.




            • Identify contingent liabilities and contingent assets.



            • Disclose provisions, contingent liabilities and

                contingent assets in the financial statements.







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