| Title: |
Deloitte Web Page on International Accounting Standard IAS 37
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| Resource Type: |
web links
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| Producers or distributor |
Deloitte
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| Author / Producer Type: |
Consultancy, contractor or other service provider
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EUGRIS Keyword(s): |
Contaminated land-->Cost benefit analysis-->Cost benefit analysis overview
Contaminated land-->Cost benefit analysis-->Financial risk assessment
Contaminated land-->Cost benefit analysis-->Tools
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| Short description: |
The objective of IAS 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.
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Submitted By:
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Professor Paul Bardos WhoDoesWhat?
Last update: 21/12/2007
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