CPDStore Ireland

This course examines the changes that are proposed to alter the existing accounting standard IAS 37 Provisions, Contingent Liabilities and Contingent Assets together with a brief look at the existing position and why there is a need for change. 

This will be particularly important for those accountants in the UK and Ireland that are involved in either preparing or advising clients on how to comply with international financial reporting standards. However, the changes will ultimately be incorporated into the local accounting standard FRS 102 so it is important that those accountants involved in the preparation of FRS 102 financial statements also have a clear understanding of the likely changes that will be incorporated in due course into FRS 102.

In this presentation Robert Kirk covers the following topics:

• The objective and scope of IAS 37
• The definition of a provision and understanding of what is a constructive obligation.
• The calculation of the amount of a provision
• The accounting treatment of reimbursements
• Specific applications – future operating losses, restructuring etc
• Relationship between provisions and contingencies
• The impact of the revised conceptual framework on the topic
• Review of the three main targeted amendments to IAS 37 proposed by the Exposure Draft issued in November 2024