LKAS 37 Provisions,Contingent Liabilities and Contingent assets

Anmerkungen:

• Provisions,Contingent liabilities and Contingent Assets
• The sufficient information is disclosed in the notes to enable the    nature                                                   Timing                                                Amount
• This standard is not apply,                          Financial instruments               Executory Contracts               Insuarance policies

Anmerkungen:

• Liability is a present obligation of the enterprise arising from the past events, the settlement of which is expected to result in an outflow from the enterpise of resources embodying economic benefits
• Provisions can be distinguished from other liabilities , Uncertainity about the timing or amount of the future expenditure required in settlement  

1. Recognition
   1. Present obligation

      Anmerkungen:

      • An enterpise has a present obligation (legal /constructive) as a result of past event
      • taking all the available evidence in to account , it is more likely than not that a present obligation exists at the balance sheet date
      1. Legal obligation

         Anmerkungen:

         • A contract Legislation Other operation of law
         1. warranties
         2. Single guarantee
      2. Constructive obligation

         Anmerkungen:

         • That derives from enterprises actions where, established pattern of past practice,published policies, sufficient specific current statement, the enterprise indicated to other parties that it will accept certain responsibilities
         • as a result the enterprise has created a valid expectations on the other parties
         1. Refunds policy
   2. Probable settlement

      Anmerkungen:

      • It's probable an outflow of resources embodying economic benefits will be required to settle the obligation 
   3. Reliable estimate

      Anmerkungen:

      • how much can be made of the amount of the obligation

1. Future operating losses
   1. Not a provision
2. Onerous contract
   1. A provision

1. Current best estimate

1. Originally recognized expenditure

1. Separate asset
   1. Income statement
      1. net amount

1. Scope
2. Manner
3. Direct expenditure arising from the restructuring
   1. Necessarily entailed by the restrucuring
   2. Not associated with ongoing activities

1. Possible obligation
   1. Existance will be confirmed
      1. Occurance or non occurence one or more future events
2. Disclose

1. Possible asset
2. Disclose