Contingent loss recognition: provide when probable and estimable; otherwise disclose, and adjust assets for post balance sheet evidence. This Standard requires recognition of a provision for a contingent loss when it is probable that a loss existed at the balance sheet date and a reasonable estimate can be made; otherwise the contingency's nature and an estimate (or the inability to estimate) must be disclosed. Contingent gains are not recognised. Post balance sheet events that provide additional evidence about conditions existing at the balance sheet date require adjustment of assets and liabilities; other post date events normally require disclosure. Dividends declared after the balance sheet date are disclosed, not recognised as liabilities unless statute requires.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Contingent loss recognition: provide when probable and estimable; otherwise disclose, and adjust assets for post balance sheet evidence.
This Standard requires recognition of a provision for a contingent loss when it is probable that a loss existed at the balance sheet date and a reasonable estimate can be made; otherwise the contingency's nature and an estimate (or the inability to estimate) must be disclosed. Contingent gains are not recognised. Post balance sheet events that provide additional evidence about conditions existing at the balance sheet date require adjustment of assets and liabilities; other post date events normally require disclosure. Dividends declared after the balance sheet date are disclosed, not recognised as liabilities unless statute requires.
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