IAS 37 focuses on Provisions, Contingent Liabilities & Contingent Assets alongwith their recognition and measurement criteria....

 

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IAS 37 focuses on Provisions, Contingent Liabilities & Contingent Assets alongwith their recognition and measurement criteria. Keeping those criteria in mind, draft the following: a) Assume a business (define what the business does). b) Read examples of Provisions, Contingent Liabilities & Contingent Assets. c) Based on those example, create your own example affecting the business you have assumed. (You may choose different parties like customers, employees or suppliers or just one party for the same) d) Now within this business create an example which would result in creating a PROVISION, CONTIGENT LIABILITY & CONTIGENT ASSET. e) Also give explanation how each of these will be recognized in the financial statements. IAS 37 focuses on Provisions, Contingent Liabilities & Contingent Assets alongwith their recognition and measurement criteria. Keeping those criteria in mind, draft the following: a) Assume a business (define what the business does). b) Read examples of Provisions, Contingent Liabilities & Contingent Assets. c) Based on those example, create your own example affecting the business you have assumed. (You may choose different parties like customers, employees or suppliers or just one party for the same) d) Now within this business create an example which would result in creating a PROVISION, CONTIGENT LIABILITY & CONTIGENT ASSET. e) Also give explanation how each of these will be recognized in the financial statements.

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A Business ABC Inc is a Footwear manufacturing and Distribution Company The business started its operations as a smallscale enterprise ten years ago A... View the full answer