Course description
Accounting for provisions and contingencies involves judgement at recognition and measurement. Provisions shall be accounted for on the occurrence of a past event and where they can be reliably measured.
A review of events after the reporting period is required to understand the impact, if any, on the financial statements. This may result in an adjusting or non-adjusting event. It is important to consider the impact on the financial statements and the potential impact on going concern.
This virtual classroom seminar will detail the accounting requirements and challenges in recognising and measuring provisions as well as understanding the disclosure requirements for contingent liabilities and contingent assets. It will also look at accounting for events after the year end, considering the relevant disclosure requirements.
Upcoming start dates
Outcome / Qualification etc.
Training Course Content
Introduction
Accounting for provisions and contingencies involves judgement at recognition and measurement. Provisions shall be accounted for on the occurrence of a past event and where they can be reliably measured.
A review of events after the reporting period is required to understand the impact, if any, on the financial statements. This may result in an adjusting or non-adjusting event. It is important to consider the impact on the financial statements and the potential impact on going concern.
This new virtual classroom seminar will detail the accounting requirements and challenges in recognising and measuring provisions as well as understanding the disclosure requirements for contingent liabilities and contingent assets. It will also look at accounting for events after the year end, considering the relevant disclosure requirements.
Using illustrative and real live examples this session is ideal for at accountants, auditors and other professionals involved in the preparation or auditing of financial statements.
What You Will Learn
This live and interactive session will cover the following:
- Understanding the recognition criteria and judgement involved, then applying it to different scenarios
- Identifying past events to meet recognition criteria
- Measuring a provision at best estimate using a reliable approach and valuation method
- How to subsequently account for provisions
- Accounting for onerous contracts and restructuring provisions
- The impact of climate related matters and whether such provisions meet the criteria
- Identifying contingent liabilities and contingent assets
- Identifying an adjusting or non-adjusting event and applying the accounting rules using different scenarios
- Being aware of the potential impact on going concern
- The disclosure requirements for provisions, contingent liabilities and contingent assets and events after the reporting period ensuring useful information to the users
- Feedback from regulators
Expenses
MBL Seminars Limited
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