About this Course

To equip participants with a clear understanding of and the ability to apply the recognition criteria and measurement bases as applied to provisions, contingent liabilities and contingent assets and the required disclosures.  

To ensure that participants are able to:

• Differentiate between 
  

              - provisions and contingent liabilities

              - provisions and other liabilities

• Apply the recognition criteria to provisions
  
• Present contingent liabilities and contingent assets appropriately in the financial statements
  
• Apply the appropriate measurement requirements to provisions
  
• Apply the requirements to specific situations
  

Programme Outline 

Definitions

Relationship between provisions and contingent liabilities

Recognition criteria for provisions

• Key characteristics of provisions
  

              - Present obligation

              - Past event

              - Probable outflow

• Reliable estimate of the obligation
  
• Accounting treatment of contingent liabilities
  
• Accounting treatment of contingent assets
  

Measurement

• Determining best estimates
  
• Effects of risk and uncertainties, time value of money, future events, expected disposals of assets
  
• Reimbursements
  
• Changes in provisions
  
• Application of recognition and measurement requirements to specific situations
  

              - Future operating losses

              - Onerous contracts

              - Restructuring

              - Disclosures

Intended For

An Intermediate to Advanced level programme targeted at both Practicing and Non-Practicing Accounting and Audit Professionals. Those who wish to achieve deeper understanding in FRS 37 are encouraged to attend.

Training Methodology

Lecture style, with Exercises/Case Studies

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