CTHRepealedLegislation
AASB 137 - Provisions, Contingent Liabilities and Contingent Assets - July 2004
Changes in ProvisionsChanges in Provisions
Start here
Get a plain-English read of Changes in Provisions
Turn the raw legal text into a practical explanation grounded in AASB 137 - Provisions, Contingent Liabilities and Contingent Assets - July 2004.
Changes in Provisions
59 Provisions shall be reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision shall be reversed.
60 Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.