Case ID: W11458
Solution ID: 785

Note on Accounting for Contingencies Case Solution

Case Solution

This note discusses the appropriate accounting treatment for contingencies under International Financial Reporting Standards and identifies key differences relative to Accounting Standards for Private Enterprises. Accounting for contingencies covers provisions, contingent liabilities, and contingent assets. The note discusses both how to decide whether a provision should be recorded and how to measure a provision. Further, the note clarifies the differences between provisions and contingent liabilities, discusses when contingent assets should be recorded, and identifies specific guidance for restructuring provisions. Finally, disclosure requirements are identified.


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