Ind AS 37 Provisions Contingent Liabilities and Contingent Assets

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Educational Material on Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

Educational Material on Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets : Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation where the time value of money is material. Ind AS 37 was issued in September 1998 and is operative for periods beginning on or after 1 July 1999.

History of Ind AS 37

DateDevelopmentComments
August 1997Exposure Draft E59 Provisions, Contingent Liabilities and Contingent Assets published 
September 1998Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets issuedOperative for annual financial statements covering periods beginning on or after 1 July 1999
30 June 2005Exposure Draft Amendments to Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets and Ind AS 19 Employee Benefits publishedComment deadline 28 October 2005 (proposals were not finalised, instead being reconsidered as a longer term research project)

Educational Material on Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

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Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets : Indian Accounting Standard (Ind AS) 37, Provisions, Contingent Liabilities and Contingent Assets, prescribes the principles for recognition, measurement and disclosure of provisions. It also requires to disclose certain information regarding provisions, contingent liabilities and contingent assets, in the notes to enable the users to understand their nature, timing and amount.

Key definitions of Ind AS 37

Provision: a liability of uncertain timing or amount.

Liability:

  • present obligation as a result of past events
  • settlement is expected to result in an outflow of resources (payment)

Contingent liability:

  • a possible obligation depending on whether some uncertain future event occurs, or
  • a present obligation but payment is not probable or the amount cannot be measured reliably

Contingent asset:

  • a possible asset that arises from past events, and
  • whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

Objective of Ind AS 37

The objective of Ind AS 37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The key principle established by the Standard is that a provision should be recognised only when there is a liability i.e. a present obligation resulting from past events. The Standard thus aims to ensure that only genuine obligations are dealt with in the financial statements – planned future expenditure, even where authorised by the board of directors or equivalent governing body, is excluded from recognition.

Scope of Ind AS 37

Ind AS 37 excludes obligations and contingencies arising from: [Ind AS 37.1-6]

  • financial instruments that are in the scope of Ind AS 39 Financial Instruments: Recognition and Measurement (or IFRS 9 Financial Instruments)
  • non-onerous executor contracts
  • insurance contracts (see https://www.iasplus.com/en/standards/ifrs/ifrs4 Insurance Contracts), but Ind AS 37 does apply to other provisions, contingent liabilities and contingent assets of an insurer
  • items covered by another IFRS. For example, Ind AS 11 Construction Contracts applies to obligations arising under such contracts; Ind AS 12 Income Taxes applies to obligations for current or deferred income taxes; Ind AS 17 Leases applies to lease obligations; and Ind AS 19 Employee Benefits applies to pension and other employee benefit obligations.

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Educational Material on Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

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