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of <h1>Provisions and contingencies accounting: recognise obligations only when probable and estimable; contingent items disclosed, not booked</h1> Prescribes recognition, measurement and disclosure requirements for provisions, contingent liabilities and contingent assets, and withdraws the contingency-related paragraphs of AS 4 except to the extent they address impairment not covered elsewhere, thereby making this Standard the governing framework for contingencies. A provision must be recognised only where a present obligation from a past obligating event exists, an outflow is probable, and a reliable estimate can be made; otherwise no provision is recognised. Contingent liabilities are not recognised but are disclosed unless the outflow is remote; contingent assets are neither recognised nor disclosed in financial statements unless inflow becomes virtually certain, when recognition is required. Provisions are measured at best estimate, generally undiscounted except specified decommissioning-type liabilities, reviewed each balance sheet date, used only for the original purpose, and future operating losses are prohibited.
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