Effects of the COVID-19 on 2020 Reporting Periods

For reporting periods ending on or after 31 January 2020, the effects of the COVID-19 would need to be incorporated into the preparation of financial statements. The financial reporting implications will depend on the facts and circumstances of each entity. The following are some of the financial reporting considerations that entities and engagement teams need … Continue reading Effects of the COVID-19 on 2020 Reporting Periods

IAS 37 – PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

A provision is a liability of uncertain timing or amount. A provision should be recognized if all of the following criteria are met: When an entity has a present obligation (legal or constructive) as a result of a past event;It is probable that an outflow of economic resources will be required to settle the obligation, … Continue reading IAS 37 – PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS