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What you need to know about the IASB’s proposed targeted improvements to requirements for provisions
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International Accounting Standards Board (IASB) technical staff explain proposed targeted amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets that aim to clarify:
- when to recognise a provision;
- which discount rate to use for measuring a long-term provision; and
- which costs to include in the measurement of a provision.
These improvements would make the Standard easier to understand and apply. They will also provide users of financial statements with better, earlier information about a company's provisions.
Webcast: Exposure Draft Provisions—Targeted Improvements
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Provisions—Targeted Improvements -
Exposure Draft and comment letters: Provisions—Targeted Improvements -
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
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