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Accounting treatment for provision, contingent liabilities and contingent assets as required by IAS 37.

The objective of IAS 37 provision, contingent liabilities, and contingent assets, is to ensure that appropriate recognition criteria and measurement bases are applied to provision, contingent liabilities, and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount.

IAS 37 provision, contingent liabilities, and contingent assets prescribe the … Read the rest