-
IND AS 37 - Provisions, Contingent Liabilities and Contingent Assets
12 Lessons-
StartProvisions, Contingent Liabilities and Contingent Assets - Introduction
-
StartDifference between liability and provision
-
StartSummary - provision and contingent liability
-
StartWhat is provision?
-
StartRecognising principle for provision
-
StartDiscounting of provisions
-
StartReversal of provision
-
StartRecognition of provision for future operating losses
-
StartWhat are onerous and executory contracts?
-
StartProvisions and Restructuring
-
StartProvision for contingent assets
-
StartIND AS 37 - Summary
-
This course is not open for enrollment
Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets
Why do a one-size fits all types of a course when you can access customized courses designed keeping you in mind. Experience the power of blended learning for your learning requirement.
Recorded Lectures
Watch professionally recorded video recordings
Live Sessions
Engage with the instructors through live sessions - Q&A sessions, Mock test discussions, etc
Workshops
At the end of the course, meet with your teacher and other students in week long workshops, clear doubts, network and find solutions.
Learning Objectives
Ind AS 37 (Indian Accounting Standard 37) provides guidance on how to account for provisions, contingent liabilities, and contingent assets in a company's financial statements. The main objective of Ind AS 37 is to ensure that companies report their obligations and potential liabilities in a transparent and consistent manner, reflecting the economic reality of their situation. Some key aspects of Ind AS 37 are as follows:
- Recognition of provisions: Ind AS 37 requires companies to recognize provisions for liabilities that are present obligations arising from past events, where it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated.
- Recognition of contingent liabilities: Ind AS 37 requires companies to recognize contingent liabilities when the possibility of an outflow of resources to settle the obligation is more than remote.
- Recognition of contingent assets: Ind AS 37 requires companies to recognize contingent assets only when it is virtually certain that the inflow of economic benefits will occur.
- Measurement of provisions: Ind AS 37 requires companies to measure provisions at the best estimate of the expenditure required to settle the obligation, taking into account the risks and uncertainties associated with the obligation.
- Disclosures: Ind AS 37 requires companies to provide detailed disclosures about their provisions, contingent liabilities, and contingent assets, including the nature and amount of each item, the timing and certainty of the expected cash flows, and any significant risks and uncertainties associated with the items.
Overall, the objective of Ind AS 37 is to ensure that companies report their obligations and potential liabilities in a transparent and consistent manner, reflecting the economic reality of their situation. This helps stakeholders make informed decisions about a company's financial position and prospects, based on a complete and accurate picture of the company's obligations and potential liabilities.
- Recognition of provisions: Ind AS 37 requires companies to recognize provisions for liabilities that are present obligations arising from past events, where it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated.
- Recognition of contingent liabilities: Ind AS 37 requires companies to recognize contingent liabilities when the possibility of an outflow of resources to settle the obligation is more than remote.
- Recognition of contingent assets: Ind AS 37 requires companies to recognize contingent assets only when it is virtually certain that the inflow of economic benefits will occur.
- Measurement of provisions: Ind AS 37 requires companies to measure provisions at the best estimate of the expenditure required to settle the obligation, taking into account the risks and uncertainties associated with the obligation.
- Disclosures: Ind AS 37 requires companies to provide detailed disclosures about their provisions, contingent liabilities, and contingent assets, including the nature and amount of each item, the timing and certainty of the expected cash flows, and any significant risks and uncertainties associated with the items.
Overall, the objective of Ind AS 37 is to ensure that companies report their obligations and potential liabilities in a transparent and consistent manner, reflecting the economic reality of their situation. This helps stakeholders make informed decisions about a company's financial position and prospects, based on a complete and accurate picture of the company's obligations and potential liabilities.
Features of the course
More than 1 hour of videos
Download PDFs, charts and images
Check your knowledge of subject matter and topics through the progression of the course and get rated on your knowledge.
Book live classes and workshops on your course with the instructor for one-to-one guidance and coaching.
Course Curriculum
About the Trainer
About the Trainer
A class of its own
Amit Dharnia is a member of ACCA (UK) and Founder and CEO of Pramisha Business School and Viviana Business School. He is a highly sought-after ACCA trainer in India and abroad who specialises in IFRS & Ind AS and is well known for his rare incisive and clear interpretation of Indian and global accounting standards .
Prior to starting his own educational adventure he has worked as Director, Accounting Advisory Services & Head-Learning Solutions at BDO, India and has over 12 years of accounting advisory/CFO advisory & corporate training experience in various industries.
Before joining BDO, he was one of the key members of IFRS learning solutions offered by KPMG in the period 2014 to 2016 when IFRS was the need of the hour for corporates and have been part of Ind AS implementation and consulting. He has also worked with Axis Risk Consulting (Genpact), TMF Group & Piron Corporation. His book "Ind AS Concepts in a Day" is quite popular among the CA students in India. He has delivered 1000's of sessions to finance and accounting professionals from various countries including India, UAE, Saudi Arabia, Nepal, Singapore, New Zealand, Nigeria, Oman, South Africa etc.
What All India Rank holders and others say about the instructor
"One of the best trainer for IFRS and awesome explanation for every standard in depth with example. Very helpful and easily approachable. Thanks a lot."
CA Yash Arora
Associate at BNP Paribas
"I had taken your lectures for Dip.IFRS(UK) and found the lectures covering every standard in depth with clear explanations and examples. This helped my journey of learning easy."
Neha Hir
CA, CPA(USA)
"I studied from Amit Sir's lectures for Dip.IFR. His teaching style and years of experience makes each topic easy to comprehend. Logical reasoning and linking of each standard makes it easy to remember the concepts as well."
Rama Goyal
Chartered Accountant
"... I think apart from being an academic guide Amit is also a guide for your professional and other personal matters where he brings in insights from his wide experience both as a professional and an entrepreneur ..."
Tejbir Singh
Vice President, Investment Risk and Banking at Max Life Insurance
"An amazing professional, moreover a great mentor for me. Despite the fact that I had to start my studies from zero he was the one who motivated me to appear for the same and pushed me to achieve the goal. I referred the revision lectures shared by him which was very crisp and to the point. With God's grace and his guidance I cleared by SBR exam in my first attempt. Very HIGHLY recommended professor..."
CA Vishal Gala
CA, Pursuing ACCA
" Amit sir you are the best/ always available for student resolve their queries. no concept is tough if taught by you. thanks sir.
CA Arti Jha
Deputy Manager Finanace, adda.com, Ex-NDTV
Courses Included
No courses in this bundle.