CTHRepealedLegislation
AASB 137 - Provisions, Contingent Liabilities and Contingent Assets - July 2004
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AASB 137 - Provisions, Contingent Liabilities and Contingent Assets - July 2004
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Turn the raw legal text into a practical explanation grounded in AASB 137 - Provisions, Contingent Liabilities and Contingent Assets - July 2004.
Implementation Guidance for AASB 137, Part B – Decision Tree
Flowchart summarising the main recognition requirements for provisions and contingent liabilities.
The purpose of this diagram is to summarise the main recognition requirements of the Standard for provisions and contingent liabilities.
Note: in rare cases, it is not clear whether there is a present obligation. In these cases, a past event is deemed to give rise to a present obligation if, taking account of all available evidence, it is more likely than not that a present obligation exists at the end of the reporting period (paragraph 15 of the Standard).