Page 175 - FAC4861_3 Unisa Test 4 slides

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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