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of <h1>AS 29: Guidelines for Provisions, Contingent Liabilities, and Assets; Emphasizes Estimation and Disclosure of Uncertainties</h1> Accounting Standard (AS) 29 addresses the recognition, measurement, and disclosure of provisions, contingent liabilities, and contingent assets. It mandates that provisions should be recognized when there is a present obligation from a past event, a probable outflow of resources, and a reliable estimate of the obligation. Contingent liabilities are disclosed unless the outflow is remote, while contingent assets are not recognized until realization is virtually certain. The standard excludes certain financial instruments, onerous contracts, and insurance-related obligations. It emphasizes the need for careful estimation and disclosure of uncertainties, risks, and potential reimbursements.
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