https://www.taxtmi.com/acts?id=14701 This Standard prescribes when to recognise and how to measure provisions, and how to treat contingent liabilities and contingent assets: recognise a provision only if a present obligation from a past event exists, an outflow of resources is probable, and a reliable estimate can be made; otherwise disclose a contingent liability unless outflow is remote. Measurement is the best estimate of settlement cost (before tax), informed by management judgment and evidence, excluding gains on expected asset disposals; virtually certain reimbursements are recognised as separate assets. Detailed disclosure and special rules for restructurings, onerous contracts, warranties, guarantees and legal claims are required. en-us Sat, 04 Jun 2011 18:19:07 +0530 Mon, 18 Apr 2016 22:50:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=14701 This Standard prescribes when to recognise and how to measure provisions, and how to treat contingent liabilities and contingent assets: recognise a provision only if a present obligation from a past event exists, an outflow of resources is probable, and a reliable estimate can be made; otherwise disclose a contingent liability unless outflow is remote. Measurement is the best estimate of settlement cost (before tax), informed by management judgment and evidence, excluding gains on expected asset disposals; virtually certain reimbursements are recognised as separate assets. Detailed disclosure and special rules for restructurings, onerous contracts, warranties, guarantees and legal claims are required. Act-Rules Companies Law Sat, 04 Jun 2011 18:19:07 +0530 https://www.taxtmi.com/acts?id=14701