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IAS 37 (Provisions, Contingent Liabilities & Contingent Assets) Exam Questions & Answers 2024/2025 $8.49
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IAS 37 (Provisions, Contingent Liabilities & Contingent Assets) Exam Questions & Answers 2024/2025
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IAS 37 (Provisions, Contingent Liabilities & Contingent Assets) Exam Questions & Answers 2024/2025 What does it Not Apply to? - ANSWERS* Non-onerous executory contracts. * Financial Instruments in IAS 39. * Insurance contracts as in IFRS 4. Provision - ANSWERSA liability of uncertain ...

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  • September 7, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
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IAS 37 (Provisions, Contingent
Liabilities & Contingent Assets) Exam
Questions & Answers 2024/2025

What does it Not Apply to? - ANSWERS* Non-onerous executory contracts.



* Financial Instruments in IAS 39.



* Insurance contracts as in IFRS 4.



Provision - ANSWERSA liability of uncertain timing and amount.



Liability - ANSWERSPresent obligation as a result of a past event, the settlement of which will result in an
outflow of economic benefits.



Present Obligation - ANSWERSMay have arisen as a result of a legal or constructive obligating event.



Obligating Event - ANSWERSA past event which leads to a present obligation.



Legal Obligating Event - ANSWERSAn event that arises as a result of laws and legislation imposed which
result in the entity being unable to avoid costs associated with that event.



Constructive Obligating Event - ANSWERSAn event that arises as a result of the habitual or usual
practices of the entity where it can be reasonably expected that the entity will continue with such
practices. This event then results in the entity having no reasonable alternative than incurring the costs
associated with the event.



* If an entity publicly proclaimed to do something.

* If an entity accepts responsibility for something.

, Contingent Liability - ANSWERSCan be either of the following:



* A POSSIBLE OBLIGATION whose existence is confirmed only upon the occurrence or non-occurrence of
a specific event that is not entirely in the control of the entity.

OR

* A present obligation arising due to a past event NOT RECOGNIZABLE because:

* It is not probable that there will be an outflow of economic benefits to settle the liability.

* The amount of the obligation cannot be reliably measured. USUALLY BETWEEN TWO ESTIMATES.



Contingent Asset - ANSWERSA POSSIBLE asset whose existence will be confirmed upon the occurrence or
non-occurrence of a particular event also not entirely in the control of the entity.



Onerous Contracts - ANSWERSContracts in which the unavoidable costs attributed to the asset exceed
the future economic benefits expected to be derived from the contract.



* RECOGNIZED AS A PROVISION



* LOWER OF COST OF FULFILLING & COSTS OF FAILURE TO FULFILL/PENALTY.



Restructuring - ANSWERSThe event or program planned and controlled by management which change
either the:



* Scope of the business of the entity.



* The manner in which the business of the entity is conducted.



Provisions Vs Contingent Liabilities - ANSWERS* Provisions are recognized as liabilities - there is a present
obligation and it is probable (more likely than not) there will be an outflow of resources embodying FEB.

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