otázka  |
odpověď |
|
IAS 37 začněte se učit
|
|
'a liability of uncertain timing or amount' The key difference between a provision and a contingent liability is that provision is accounted for at present as a result of a past event whereas a contingent liability is recorded at present to account for a possible future outflow of funds.
|
|
|
Contingent liability definition: 3cz začněte se učit
|
|
A possible obligation | whose existence will be confirmed by uncertain future events | outside of the entity's control.
|
|
|
Contingent asset definition: 3cz začněte se učit
|
|
A possible asset | whose existence will be confirmed by uncertain future events | outside of the entity's control.
|
|
|
Provision is recognised when: 3cz začněte se učit
|
|
an entity has a Present obligation* as a result of a past event, | It is Probable that an outflow of economic benefits will be required, | and a reliable Estimate can be made. PPE
|
|
|
Measurement of provision: 2cz začněte se učit
|
|
The amount recognised should be the best estimate of the expenditure required to settle the obligation. | Where the time value of money is material, the provision should be discounted to present value. 'best estimate' | 'discounted to PV'
|
|
|
Specific guidance for provisions have use in following cases: 3 začněte se učit
|
|
Future operating losses, | Onerous contracts, | Restructuring.
|
|
|
Future operating losses treatment. začněte se učit
|
|
Provisions should not be recognised for future operating losses.
|
|
|
Provisions. Onerous contract treatment. začněte se učit
|
|
Provisions should be recognised for the obligation under the contract.
|
|
|
Provisions. Restructuring treatment. 2cz začněte se učit
|
|
Provisions can only be recognised where an entity has a CONSTRUCTIVE OBLIGATION to carry out the restructuring. | A constructive obligation arises when there is a DETAILED FORMAL PLAN and the plan has been announced to those affected.
|
|
|
Contingent liabilities should not be recognised. They should be... unless... 2 začněte se učit
|
|
disclosed unless the possibility of a transfer of economic benefits is remote.
|
|
|
Contingent assets should not be recognised. They should be disclosed when... začněte se učit
|
|
when the possibility of an inflow of economic benefits is probable.
|
|
|
Events after the reporting period - definition. začněte se učit
|
|
Events which occur after the year end but before the financial statements are approved.
|
|
|
Events after the reporting period occur in two cases: 2 začněte se učit
|
|
Gives new evidence on condition which exist at the year end. | Gives new evidence on condition which did not exist at the year end.
|
|
|
Accounting treatment of Events after reporting period if they give new evidence on condition which EXISTED at the year end. začněte se učit
|
|
|
|
|
Accounting treatment of Events after reporting period if they give new evidence on condition which DID NOT exist at the year end but impacts GC assumption. začněte se učit
|
|
|
|
|
Accounting treatment of Events after reporting period if they give new evidence on condition which DID NOT exist at the year end and does NOT impact GC assumption. 2cz začněte se učit
|
|
Disclose the nature | and the estimate of financial effect.
|
|
|
