Accounting Standard (AS) - 3. page

Reimbursements : Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement should be recognised when, and only […]

Expected Disposal of Assets : Gains from the expected disposal of assets should not be taken into account in measuring a provision. Gains on the expected disposal of assets are […]

Future Events : Future events that may affect the amount required to settle an obligation should be reflected in the amount of a provision where there is sufficient objective evidence […]

Risks and Uncertainties of asset The risks and uncertainties that inevitably surround many events and circumstances should be taken into account in reaching the best estimate of a provision. Risk […]

Measurement of asset : Best Estimate The amount recognised as a provision should be the best estimate of the expenditure required to settle the present obligation at the balance sheet […]

Contingent Assets : An enterprise should not recognise a contingent asset. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow […]

Contingent Liabilities : An enterprise should not recognise a contingent liability. A contingent liability is disclosed, as required by paragraph 68, unless the possibility of an outflow of resources embodying […]

Reliable Estimate of the Obligation : The use of estimates is an essential part of the preparation of financial statements and does not undermine their reliability. This is especially true […]

Probable Outflow of Resources Embodying Economic Benefits : For a liability to qualify for recognition there must be not only a present obligation but also the probability of an outflow […]

Recognition Provisions 14. A provision should be recognised when: (a) an enterprise has a present obligation as a result of a past event; (b) it is probable that an outflow […]