Ind AS 37

Ind AS Accounting Standards Ind AS (Indian Accounting Standards) are a set of accounting standards developed by the Institute of Chartered Accountants of India (ICAI) and adopted by companies in...

Contingent Liability & Contingent Asset – Ind AS 37 What is a contingent liability? A contingent liability is a possible obligation that arises from past events and whose existence will...

Measurement of Provision – Ind AS 37 The amount of the provision should be measured at the best estimate of the expenditures required to satisfy the obligation at the end of the...

Change in Provisions and Use of Provisions – Ind AS 37 Change in Provisions Provisions shall be reviewed at the end of each reporting period and adjusted to reflect the...

Disclosures as per Ind AS 37 For Provisions For each class of provision, an entity shall disclose the carrying amount at the beginning and end of the period additional provisions...

Appendix to Ind AS 37 Appendix A Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds The purpose of decommissioning, restoration and environmental rehabilitation funds, hereafter referred to...

Impact of COVID 19 on Ind AS 37 Onerous Contract Onerous contracts are those contracts for which the unavoidable costs of meeting the obligations under the contract exceed the economic...

Objectives and Scope – Ind AS 37  Introduction to Ind AS 37 Ind AS 37 Provisions, contingent liabilities and contingent assets outlines the accounting for provisions (liabilities of uncertain timing...

Provisions as per Ind AS 37 What is a Provision? Provision is a liability of uncertain timing or amount The word “uncertain” is very important here, because if timing and amount are certain...