Copy and Edit

Provisions & Contingencies

Description

Mind Map on Provisions & Contingencies, created by Thiffany Martin on 04/12/2014.
Thiffany Martin
Mind Map by Thiffany Martin, updated more than 1 year ago
Thiffany Martin
Created by Thiffany Martin about 11 years ago
26
1
0

Resource summary

Provisions & Contingencies
  1. Standard
    1. IAS 37
    2. Definitions
      1. Provision
        1. Liability - uncertain timing / amount
          1. Liability
            1. Present obligation - past events - settlement - outflow of resources - embodying economic benefits
      2. Recognition Criteria
        1. Present obligation
          1. Past events
            1. Probable outflow
              1. Reliable estimate
              2. Obligating event
                1. Legal obligation
                  1. Constructive obligation
            2. Contingents
              1. Liabilities
                1. Possible obligation - past events - existence will be confirmed - occurrence / non - occurrence - one / more uncertain future events not wholly within the control of the entity
                2. Assets
                  1. Possible asset - past events - existence will be confirmed - occurrence / non-occurrence - one / more uncertain future events not wholly within the control of the entity
                3. Measurements
                  1. Best estimate
                    1. Risks & Uncertainties
                      1. Present value
                        1. Future events
                          1. Expected disposal of assets
                          2. Reimbursements
                            1. virtually certain
                              1. separate asset
                                1. Reimbursement ≤ Provision
                                  1. presented in P&L
                                  2. Changes in provisions
                                    1. Reviewed and adjusted
                                      1. Reversed
                                        1. Discounted
                                        2. Application of Recognition & Measurement Rules
                                          1. Future operating losses
                                            1. Onerous contracts
                                              1. Restructuring
                                              2. Disclosure
                                                Show full summary Hide full summary

                                                Want to create your own Mind Maps for free with GoConqr? Learn more.

                                                Similar

                                                Browse Library