PRACTICAL ASPECTS OF MAINTAINING THE INTERNATIONAL STANDARD OF ACCOUNTING FOR RESERVES, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Keywords:
International Accounting Standards, Reserves, Contingent Liabilities, Contingent Assets, Financial Reporting, Risk ManagementAbstract
This article delves into the practical implications of the International Accounting Standard (IAS) pertaining to reserves, contingent liabilities, and contingent assets. It explores how businesses can effectively apply these standards to ensure transparent financial reporting, manage risks, and make informed decisions. Practical examples and guidelines are provided to assist organizations in navigating the complexities associated with these accounting principles.References
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Ernst & Young LLP. (2020). IFRS in Practice: IAS 37 Provisions, Contingent Liabilities, and Contingent Assets
Deloitte. (2019). Applying IFRS: A closer look at IAS 37 Provisions, Contingent Liabilities, and Contingent Assets.
Financial Accounting Standards Board. (2021). Accounting Standards Codification 450: Contingencies.
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ieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate Accounting: IFRS Edition. John Wiley & Sons.
