Global Standards for the world economy

Friday 26 May 2017

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Liabilities—amendments to IAS 37

Non-financial liabilities

 Liabilities—amendments to IAS 37

The Conceptual Framework defines liabilities. IAS 37 Provisions, Contingent Liabilities and Contingent Assets deals with when, or if, liabilities should be recognised as a result of some of the less certain events that an entity might be associated with, such as being a party of a lawsuit or having some responsibility for environmental remediation.