Page 176 - Finac1 Test 4 Slides
P. 176

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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