Provisions, contingent liabilities and contingent assets: recognise provisions only for present obligations when outflow is probable and estimable. The Standard requires recognition of a provision only when a present obligation from a past event exists, an outflow of resources is probable and a reliable estimate can be made; contingent liabilities and contingent assets are not recognised but disclosed (subject to remoteness and prejudice exceptions). Provisions are measured as the best estimate before tax, with limited discounting for decommissioning-type liabilities; reimbursements are recognised as separate assets only when virtually certain.