Provisions, contingent liabilities and contingent assets
Associated Courses
Course Description
This eLearn aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts. Our instructors – experts in IFRS – designed the professional materials according to the IAS 37 Provisions, contingent liabilities and contingent assets standards currently in effect. They made the curriculum more accessible by including practical examples and interim tests to help knowledge assessment. The material ends with a test questionnaire.
Course Structure
The eLearn introduces the following topics:
Introduction
Definitions:
- definition of provisions, contingent assets and liabilities according to IFRS
- how can we distinguish amongst liabilities?
- trade payables, accruals, provisions, contingent liabilities
Recognition:
- accounting for provisions
- recognition criteria; obligating event; accounting treatment of contingent assets and liabilities, comparison of the accounting treatments; types of provisions
- specific provisions
Measurement:
- measurement of provisions
- discounting, reversal, how to account for reimbursements
Disclosures
Test your knowledge
Should Attend
This course is intended for professionals in financial and actuarial functions.
Prerequisites
There are no prerequisites to follow this eLearn
Assessment
Final quiz will test your knowledge.
Key-Features
This course will enable you to:
- understand the concept and define key characteristics of provisions
- to understand the concept of contingent liabilities and contingent assets
- distinguish contingent liabilities from liabilities and provisions
- apply the definition of “probable”
- identify recognition criteria for provisions
- understand how to measure provisions in different situations
- define accounting treatment of provisions, contingent liabilities and contingent assets
- identify specific type of provisions, like onerous contracts and restructuring provisions
- review IAS 37 standard’s disclosure requirements
Course Structure
The eLearn introduces the following topics:
Introduction
Definitions:
- definition of provisions, contingent assets and liabilities according to IFRS
- how can we distinguish amongst liabilities?
- trade payables, accruals, provisions, contingent liabilities
Recognition:
- accounting for provisions
- recognition criteria; obligating event; accounting treatment of contingent assets and liabilities, comparison of the accounting treatments; types of provisions
- specific provisions
Measurement:
- measurement of provisions
- discounting, reversal, how to account for reimbursements
Disclosures
Test your knowledge
Should Attend
This course is intended for professionals in financial and actuarial functions.
Prerequisites
There are no prerequisites to follow this eLearn
Assessment
Final quiz will test your knowledge.
Key-Features
This course will enable you to:
- understand the concept and define key characteristics of provisions
- to understand the concept of contingent liabilities and contingent assets
- distinguish contingent liabilities from liabilities and provisions
- apply the definition of “probable”
- identify recognition criteria for provisions
- understand how to measure provisions in different situations
- define accounting treatment of provisions, contingent liabilities and contingent assets
- identify specific type of provisions, like onerous contracts and restructuring provisions
- review IAS 37 standard’s disclosure requirements
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