WebJul 9, 2024 · AASB 137Provisions, Contingent Liabilities and Contingent Assets Topic 6 - Liabilities 14 Provisions - Definitions • Aliabilityis a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. – AASB 137.10 Topic 6 - Liabilities 15 WebQuestion 2 0 out of 1 points In accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets, which of the following is considered a contingent liability? Selected Answer: Guarantee of an associate's bank overdraft where the associate has declared bankruptcy.
Accounting Standards
WebFACT SHEET AASB 137 Provisions, Contingent Liabilities and Contingent Assets OBJECTIVE The objective of this standard is to ensure recognition and measurement … WebAASB 137 Provisions, Contingent Liabilities and Contingent Assets(AASB 137) contains requirements to recognise liabilities for onerous contracts. An onerous contract is defined as: Z… a contract in which the unavoidable costs of meeting the obligations under the contract exceed fak ocean freight
Week 2 Homework Ch 8 & 9 Solution - Week 2 …
WebWeek 2 Chapter 8 Solution Comprehension questions (CQ) 2. Define (a) a contingency and (b) a contingent liability. A “contingency” is not defined in AASB 137/IAS 37. In plain English, a contingency is an unforeseen event that may or may not happen. AASB 137/IAS 37 defines a “contingent liability” at paragraph 10. It has two limbs to the definition: (a) … WebQuestion 13 Under AASB 137 Provisions, Contingent Liabilities and Contingent Assets, when providing for a future event such as the clean-up of a construction site at the end of a long-term project, gains and other cash inflows that are expected to arise on the sale of assets related to the clean-up, must be: a. WebAASB 137 Provisions, Contingent Liabilities and Contingent Assets (AASB 137) Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (AASB Interpretation 1) Other relevant publications include: Guide to implementing AASB 16 Leases (RMG 110) Introduction fak off