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CPE Self-Study

IFRS: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Publisher: AICPA
  • $50.00-$70.00
    IFRS: Provisions, Contingent Liabilities and Contingent Assets (IAS 37) Online Access Product #: 159743
    AICPA Member: $50.00
    Non-Member: $70.00

AICPA's IFRS Certificate Program

This course is part of the IFRS Certificate Program – a comprehensive, integrated curriculum that will give you the basic training, knowledge, and practical guidance in international accounting standards that are necessary in today's global business environment. Credit for individual courses purchased can be applied to the full program. Click here for information on the complete program.

The purpose of this course is to familiarize you with the objective of IAS 37 to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The key principle established by IAS 37 is that a provision should be recognized only when there is a liability (i.e., a present obligation resulting from past events).

Learning Objectives

Upon completion of this course, you will be able to:

  • Identify the existence of a provision, contingent liability and contingent asset
  • Determine when to recognize a provision and how to measure it
  • Determine when a contingent item should be disclosed

Prerequisite: None

Advance Preparation: None

System Requirements

About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.