This note discusses the appropriate treatment unforeseen circumstances in accordance with International Financial Reporting Standards and identifies key differences with respect to the accounting standards for private enterprises. Accounting for contingencies covers provisions, contingent liabilities and contingent assets. The note addresses how to learn to determine the position should be recorded and how to measure the position. In addition, the note explains the difference between provisions and contingent liabilities, discussed, when a contingent asset should be recorded and identified specific guidance for restructuring provisions. Finally, the disclosure requirements are defined. "Hide
Darren Henderson on 6 pages. Publication Date: November 2, 2011. Prod. #: W11458-PDF-ENG
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