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of <h1>Income Computation and Disclosure Standard X: Guidelines on Provisions, Contingent Liabilities, and Assets for Business Income</h1> Income Computation and Disclosure Standard X, effective from the assessment year 2017-18, addresses provisions, contingent liabilities, and contingent assets for income computation under 'Profits and gains of business or profession' or 'Income from other sources.' It excludes financial instruments, executory contracts, insurance contracts, and other standards. Provisions are recognized when there is a present obligation, a probable outflow of resources, and a reliable estimate. Contingent liabilities and assets are not recognized unless certainty of economic benefit arises. Provisions and related assets are reviewed annually, adjusted for best estimates, and disclosed with detailed information on obligations, assets, and reimbursements.
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