https://www.taxtmi.com/acts?id=20793 The Standard requires recognition of a provision only when a present obligation exists from a past event, an outflow of resources embodying economic benefits is probable (more likely than not), and a reliable estimate of the obligation can be made; contingent liabilities and contingent assets are not recognised, with contingent liabilities disclosed unless an outflow is remote and contingent assets disclosed only when realisation is probable and recognised when virtual certainty exists. Measurement uses the best estimate, reflects risks and future events where supported by objective evidence, and generally excludes discounting except for specified decommissioning and restoration liabilities. en-us Mon, 18 Apr 2016 22:33:27 +0530 Mon, 18 Apr 2016 22:58:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20793 The Standard requires recognition of a provision only when a present obligation exists from a past event, an outflow of resources embodying economic benefits is probable (more likely than not), and a reliable estimate of the obligation can be made; contingent liabilities and contingent assets are not recognised, with contingent liabilities disclosed unless an outflow is remote and contingent assets disclosed only when realisation is probable and recognised when virtual certainty exists. Measurement uses the best estimate, reflects risks and future events where supported by objective evidence, and generally excludes discounting except for specified decommissioning and restoration liabilities. Act-Rules Companies Law Mon, 18 Apr 2016 22:33:27 +0530 https://www.taxtmi.com/acts?id=20793