CTHRepealedLegislation
AASB 137 - Provisions, Contingent Liabilities and Contingent Assets - July 2004
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Provisions
14 A provision shall be recognised when:
(a) an entity has a present obligation (legal or constructive) as a result of a past event;
(b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
(c) a reliable estimate can be made of the amount of the obligation.
If these conditions are not met, no provision shall be recognised.