https://www.taxtmi.com/manuals?id=1302 ICDS X prescribes that a provision is recognised only when a present obligation from a past event exists, an outflow of economic benefits is reasonably certain, and a reliable estimate can be made; contingent liabilities and contingent assets are not recognised although a contingent asset may be recognised later when reasonable certainty of inflow exists. Measurement requires the best estimate at the previous year-end and prohibits discounting. Reimbursements are recognised only when reasonably certain and limited to the provision amount. Provisions are reviewed and adjusted each year-end and disclosures are required for each class of provision and assets recognised from contingent assets. en-us Fri, 20 Nov 2015 18:05:00 +0530 Thu, 29 Jun 2023 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1302 ICDS X prescribes that a provision is recognised only when a present obligation from a past event exists, an outflow of economic benefits is reasonably certain, and a reliable estimate can be made; contingent liabilities and contingent assets are not recognised although a contingent asset may be recognised later when reasonable certainty of inflow exists. Measurement requires the best estimate at the previous year-end and prohibits discounting. Reimbursements are recognised only when reasonably certain and limited to the provision amount. Provisions are reviewed and adjusted each year-end and disclosures are required for each class of provision and assets recognised from contingent assets. Manuals Income Tax Fri, 20 Nov 2015 18:05:00 +0530 https://www.taxtmi.com/manuals?id=1302