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of <h1>AS 29: Guidelines on Provisions, Contingent Liabilities, and Assets for Accurate Financial Reporting and Disclosure</h1> Accounting Standard (AS) 29 addresses provisions, contingent liabilities, and contingent assets, ensuring proper recognition, measurement, and disclosure in financial statements. It requires recognizing provisions when a present obligation from past events likely necessitates an outflow of resources, and a reliable estimate can be made. Contingent liabilities and assets, which depend on uncertain future events, are generally not recognized but disclosed if probable. The standard excludes financial instruments at fair value, certain insurance contracts, and items covered by other standards. It emphasizes estimating provisions accurately, considering risks, uncertainties, and future events, while excluding expected asset disposal gains.
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