Provision, Contingent Liabilities, and Contingent Assets (IAS 37)
CPD Hours: 2
Price: R450.00
Provision, Contingent Liabilities, and Contingent Assets (IAS 37)
Presenters : Caryn Maitland CA(SA)
Overview
This webinar provides a comprehensive exploration of IAS 37, which governs the recognition and measurement of provisions, contingent liabilities, and contingent assets. Understanding IAS 37 is crucial for financial professionals to ensure compliance with International Financial Reporting Standards (IFRS). This session will delve into the key principles and application of IAS 37, helping attendees to enhance their financial reporting accuracy and decision-making processes. Through practical examples and expert insights, this webinar will clarify the complex aspects of provisions and contingencies, ensuring that participants gain a solid grasp of their implications in financial statements.
Learning objectives
Attending this webinar will equip you with the following skills:
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Understanding the definition and scope of provisions, contingent liabilities, and contingent assets under IAS 37.
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Identifying the key recognition and measurement criteria for provisions and contingencies.
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Applying IAS 37 principles in practical financial reporting scenarios.
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Differentiating between provisions and contingent liabilities to ensure proper disclosure.
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Recognising best practices for disclosures and compliance to enhance financial transparency.
Content
The webinar will cover the following topics:
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Introduction to IAS 37: Scope and Objectives
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Definition and purpose of IAS 37.
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Key principles governing provisions, contingent liabilities, and contingent assets.
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Relationship between IAS 37 and other IFRS standards.
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Importance of IAS 37 in financial reporting and compliance.
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- Provisions
- Recognition criteria for provisions.
- Measurement and remeasurement of provisions.
- Examples and case studies illustrating provisions in practice.
- Contingent Liabilities and Contingent Assets
- Differences between contingent liabilities and provisions.
- Recognition and disclosure requirements for contingent liabilities.
- Recognition and disclosure of contingent assets.
- Practical application with real-world examples.
- Disclosure Requirements and Best Practices
- Key disclosure requirements under IAS 37.
- Challenges in applying IAS 37 and how to address them.
- Best practices for ensuring compliance and enhancing financial transparency.
