Contingency accounting: provide for probable contingent losses and disclose material post balance sheet events and uncertainties. This Standard governs recognition, measurement and disclosure of contingencies and events after the balance sheet date. Contingent losses are provided for when it is probable a liability existed or an asset was impaired at the balance sheet date and a reasonable estimate can be made; otherwise the nature and estimated financial effect or inability to estimate must be disclosed. Events after the balance sheet date that provide additional evidence of conditions at the balance sheet date require adjustment to assets or liabilities; other post-balance-sheet events require disclosure. Dividends declared after the balance sheet date are disclosed, not recognised, 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.
Contingency accounting: provide for probable contingent losses and disclose material post balance sheet events and uncertainties.
This Standard governs recognition, measurement and disclosure of contingencies and events after the balance sheet date. Contingent losses are provided for when it is probable a liability existed or an asset was impaired at the balance sheet date and a reasonable estimate can be made; otherwise the nature and estimated financial effect or inability to estimate must be disclosed. Events after the balance sheet date that provide additional evidence of conditions at the balance sheet date require adjustment to assets or liabilities; other post-balance-sheet events require disclosure. Dividends declared after the balance sheet date are disclosed, not recognised, unless statute requires.
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