TaxTMI 
TaxTMI 
Comparison of ICDS-X, AS-29 & IndAS-37
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.... Provisions, Contingent Liabilities and Contingent Assets Scope This ICDS deals with provisions, contingent liabilities and contingent assets, except those: (a) Resulting from financial instruments; (b) Resulting from executory contracts; (c) Arising in insurance business from contracts with policyholders; and (d) Covered by another ICDS. This Standard should be applied in accounting for pr....
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....a past event; (b) it is reasonably certain that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation. The term 'reasonably certain' has not been defined in the ICDSs, the Act or the Rules. A provision shall be recognised when all of the following conditions are met: (a) an enterp....
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....lished pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities; and as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities. Provisions- Discounting Similar to Indian GAAP Discounting of liabili....
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....irtually certain that an inflow of economic benefits will arise, the asset and the related income are recognised in the financial statements of the period in which the change occurs. Similar to Indian GAAP Measurement The amount recognised as asset and related income shall be the best estimate of the value of economic benefit arising at the end of the year. The amount and related income shall n....