TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Understanding AS 29: Provisions, Contingent Liabilities, and Assets Explained. Recognition, Measurement, and Disclosure Simplified.</h1> Accounting Standard (AS) 29 outlines the recognition, measurement, and disclosure of provisions, contingent liabilities, and contingent assets. It mandates recognizing provisions when a present obligation from a past event likely requires an outflow of resources and can be reliably estimated. Contingent liabilities are not recognized but disclosed unless the outflow is remote. Contingent assets are not recognized but disclosed if an inflow of benefits is probable. The standard excludes financial instruments at fair value, onerous executory contracts, insurance contracts with policyholders, and items covered by other standards. It emphasizes reliable estimation and disclosure of uncertainties and future events affecting obligations.
TaxTMI 
TaxTMI 
