Transcription of IAS 37 ‘Provisions,
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IAS 37 ‘Provisions,
Thematic Review:IAS 37 Provisions, contingent liabilities and contingent Assets October 2021 FRC | scope and sample of IAS 37 and presentation of about about contingent liabilities and contingent assets187. Best estimates and uncertainties judgements and types of disclosure Case study: best estimate , uncertainties and significant judgements38 FRC | SummaryThematic Review: IAS 37 | October , for example: Annual Review of Corporate Reporting 2019/20, pages 6 and 18; Annual Review of Corporate Reporting 2018/2019, page importance of provisions and contingent liabilities in the annual report can be underplayed because their effect is often limited to a short note towards the back of the financial statements and a brief comment in the strategic , even when a provision or a contingent liability is not significant in amount, the circumstances to which it relates can be of great significance to investors owing to the levels of estimation uncertainty and other judgements involved, or
contingent liabilities are at the forefront of the financial statement effects of key issues such as climate change and regulatory action. Issues relating to compliance with IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ have featured in the FRC’s ‘top ten’ findings for several years.1 We
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