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Provisions, contingent liabilities and contingent assets in accordance with local and international standards: recognition, evaluation and reflection in the financial reporting

Available online: 24 August 2011

Subject Heading: ON THE WAY TO THE INTERNATIONAL STANDARDS

JEL Classification: 

This article reviews the recognition, evaluation and reflection in the financial (accounting) reporting of reserves, contingent liabilities and contingent assets in accordance with local and international financial reporting standards; describes the major changes relating to these issues according to the draft international standard ED 2010/1.

Keywords: provisions, contingent liabilities, contingent assets, accounting and financial reporting standards, criteria for the recognition, assessment, financial (accounting) reports

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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