Provisions & Contingencies

Thiffany Martin
Mind Map by Thiffany Martin, updated more than 1 year ago
Thiffany Martin
Created by Thiffany Martin about 5 years ago
16
1

Description

Mind Map on Provisions & Contingencies, created by Thiffany Martin on 12/04/2014.

Resource summary

Provisions & Contingencies
1 Standard
1.1 IAS 37
2 Definitions
2.1 Provision
2.1.1 Liability - uncertain timing / amount
2.1.1.1 Liability
2.1.1.1.1 Present obligation - past events - settlement - outflow of resources - embodying economic benefits
3 Recognition Criteria
3.1 Present obligation
3.1.1 Past events
3.1.1.1 Probable outflow
3.1.1.1.1 Reliable estimate
3.1.1.2 Obligating event
3.1.1.2.1 Legal obligation
3.1.1.2.2 Constructive obligation
4 Contingents
4.1 Liabilities
4.1.1 Possible obligation - past events - existence will be confirmed - occurrence / non - occurrence - one / more uncertain future events not wholly within the control of the entity
4.2 Assets
4.2.1 Possible asset - past events - existence will be confirmed - occurrence / non-occurrence - one / more uncertain future events not wholly within the control of the entity
5 Measurements
5.1 Best estimate
5.2 Risks & Uncertainties
5.3 Present value
5.4 Future events
5.5 Expected disposal of assets
6 Reimbursements
6.1 virtually certain
6.2 separate asset
6.3 Reimbursement ≤ Provision
6.4 presented in P&L
7 Changes in provisions
7.1 Reviewed and adjusted
7.2 Reversed
7.3 Discounted
8 Application of Recognition & Measurement Rules
8.1 Future operating losses
8.2 Onerous contracts
8.3 Restructuring
9 Disclosure
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