Question Tag: Contingent Liabilities

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CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

Question

You are the Financial Controller of Fidipote PLC, a bottling company with diverse products. The accountant responsible for preparing the 2020 annual financial statements is considering the accounting treatment of the following and has approached you for guidance:

a. On December 31, 2020, Fidipote PLC has a litigation proceeding involving a customer claiming damages in the sum of ₦50 million because she had allegedly been injured when drinking one of the company’s products. She had claimed that the company bottled a sharp object inside the content of the product which she swallowed and had to be operated upon in order to remove the object. Fidipote PLC is disputing the claim, maintaining that any injury was due solely to negligence on the part of the customer. As at December 31, 2020, the case was yet to be decided.
(8 Marks)

b. Fidipote PLC signed a ten-year lease agreement on a property requiring an annual payment of ₦5 million in advance on January 1, 2016. The property was used over the years as a Cinema Hall. As a result of the COVID-19 pandemic and the lockdown during 2020, the consequent long closure of the hall made patronage of cinema shows financially unsustainable. Fidipote PLC discovered that it has no further use of the building. It is not possible to sub-lease the building to another tenant, and remodeling cannot be done due to certain provisions of the lease agreement. As at December 31, 2020, the present value cost of outstanding lease installments amounted to ₦22.5 million.
(6 Marks)

c. The Managing Director made a proposal that the Fidipote brand name is unique and of significant market persuasion and should, therefore, be included as an asset in the financial statements. Due diligence, including market research by a certified consultant, has been done on this proposal. A valuation of ₦250 million was determined to be included in the financial statements as at December 31, 2020.
(6 Marks)

Required:
Explain how the above information, a to c, should be presented in the financial statements of Fidipote PLC for the year ended December 31, 2020.

Answer

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Tags: Brand Valuation, Contingent Liabilities, Intangible Assets, Lease Obligations, Litigation, Onerous Contracts
Level: Level 3

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

CR – Nov 2023 – L3 – SC – Q7 – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Evaluate Roman Limited's recognition of provision for emission reduction costs, compute the provision amounts, and explain the profit or loss components.

Question

Roman Limited prepares its financial statements in accordance with International Accounting Standards. On March 16, 2017, Roman Limited made a public announcement of a decision to reduce the level of emission of harmful chemicals from its factories. The average useful life of the factories on March 31, 2017 was 25 years. The depreciation of the factories is computed on a straight-line basis and charged to cost of sales. The directors formulated the proposal for emission reduction following an agreement in principle earlier in the year.

The directors prepared detailed estimates of the costs of their proposals, showing the following expenditures:

N60 million on March 31, 2018
N60 million on March 31, 2019
N80 million on March 31, 2020

All estimates were for actual anticipated cash payments. No contracts were entered into until after April 1, 2017. The estimate proved accurate regarding the expenditure due on March 31, 2018. When the directors decided to proceed with this project, they used discounted cash flow techniques to appraise the proposed investment, with an annual discount rate of 8%. The company has a reputation for fulfilling its financial commitments after it has publicly announced them. Roman Limited has made a provision for the expected costs of its proposal in the financial statements for the year ended March 31, 2017.

In accordance with the provisions of IAS 37 – Provisions, Contingent Liabilities, and Contingent Assets:

Required:
a. Explain the decision of the directors of Roman Limited to recognize the provision in the statement of financial position as at March 31, 2017.
(6 Marks)

b. Compute the appropriate provisions in the statement of financial position in respect of the proposed expenditure at March 31, 2017, and March 31, 2018.
(4 Marks)

Compute the TWO components of the charge to the statement of profit or loss in respect of the proposal for the year ended March 31, 2018. You should explain how each component arises and identify where in the statement of profit or loss each component is reported.
(5 Marks)

(Total 15 Marks)

Answer

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Tags: Contingent Liabilities, Depreciation, Discounted Cash Flow, Emission Reduction, Environmental Commitment, IAS 37, Provisions
Level: Level 3

Topic: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)
Series: NOV 2023

CR – Nov 2017 – L3 – Q6 – Impairment of Assets (IAS 36)

Provide advice on provisions and disclosures for Eko Exports Limited’s financial statements based on events in 2016.

Question

The following information pertains to Eko Exports Limited (EEL) for the financial year ended December 31, 2016:

A customer who owed ₦1 million was declared bankrupt after his warehouse was destroyed by fire on February 10, 2017. It is expected that the customer would be able to recover 50% of the loss from the insurance company.
An employee of EEL forged the signatures of directors and made cash withdrawals of ₦7.5 million from the bank. Of these, ₦1.5 million were withdrawn before December 31, 2016. Investigations revealed that an employee of the bank was also involved, and under a settlement arrangement, the bank paid 60% of the amount to EEL on January 27, 2017.
EEL has filed a claim against one of its vendors for supplying defective goods. EEL’s legal consultant is confident that damages of ₦1 million would be paid to EEL. The supplier has already reimbursed the actual cost of the defective goods.
A suit for infringement of patents, seeking damages of ₦2 million, was filed by a third party. EEL’s legal consultant is of the opinion that an unfavorable outcome is most likely. Based on past experience, he has advised that there is a 60% probability that the amount of damages would be ₦1 million and a 40% likelihood that the amount would be ₦1.5 million.

Required:
Advise EEL about the amount of provision that should be incorporated and the disclosures that are required to be made in the financial statements for the year ended December 31, 2016.
Total: 15 Marks

Answer

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Tags: Bankruptcy, Contingent Liabilities, Forgery, Legal claims, Provisions
Level: Level 3

Topic: Impairment of Assets (IAS 36)
Series: NOV 2017

FR – May 2015 – L2 – SB – Q7 – Consolidated Financial Statements (IFRS 10)

Identify and explain events after the reporting period, discuss treatment of liquidation and dividends under IAS 10.

Question

(a) There is usually a lead time between the end of an entity’s accounting year and when the financial statements are approved and signed off by the directors. In between this period, there are two types of events according to IAS 10-Events After The Reporting Period, which may require consideration when preparing financial statements.

Required:
Identify and explain these events and state how they are treated in the financial statements. (4 Marks)

(b) Company A is indebted to company B to the tune of N50,000,000. The financial year-end of company B is 30 June 2014. On 30 July 2014, company B received a letter from a liquidator advising it that company A has gone into insolvency. The letter revealed that company A ceased operations a month ago and that company B is only likely to receive a liquidation dividend of 20k for every naira owed by company A. It is the normal practice of company B’s board to approve the audited financial statements three months after the financial year end.

Required:

Explain how the above transactions should be treated in the financial statements of company B in accordance with IAS 10-Events After The Reporting Period. (2 Marks)
Prepare journal entries that are required to adjust company B’s financial statements to account for the above event. (2 Marks)
State what would have been the treatment in the financial statements assuming it was fire that destroyed company B’s factory building on 30 July 2014. (3 Marks)

(c) The directors of XYZ Plc declared that a dividend of N1 per ordinary share be paid to shareholders on the company’s register as at 15 April 2014. The financial statements were approved by the company’s board on 30 May 2014. The shareholders, at the company’s annual general meeting held on 15 June 2014, approved the payment of the dividend to eligible shareholders on 1 July 2014.

Required:
Explain how the dividend proposed by the Directors should be treated in the financial statements of XYZ Plc in accordance with IAS 10. (4 Marks)

Answer

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Tags: Adjusting Events, Contingent Liabilities, Dividends, Events After Reporting Period, Liquidation
Level: Level 2

Topic: Consolidated Financial Statements (IFRS 10)
Series: MAY 2015

FR – Nov 2019 – L2 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Distinguish between provisions, contingent liabilities, and contingent assets as defined in IAS 37.

Question

IAS 37 – Provisions, Contingent Liabilities and Contingent Assets, sets out the principles of accounting for these items and classifies when provisions should not be made prior to its issue. The inappropriate use of provisions has been an area where companies have been accused of manipulating financial statements and of creative accounting.

Required:

Distinguish between provisions, contingent liabilities, and contingent assets as contained in IAS 37.
(14 Marks)

Required:

Distinguish between provisions, contingent liabilities, and contingent assets as contained in IAS 37.
(14 Marks)

Answer

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Tags: Contingent Assets, Contingent Liabilities, IAS 37, Provisions
Level: Level 2

Topic: Contingent Liabilities and Contingent Assets (IAS 37)
Series: NOV 2019

FR – Dec 2022 – L2 – Q5b – Definition of Liability and Provisions

This question asks candidates to define liabilities and describe circumstances under which provisions should be recognized.

Question

The definition of a liability forms an important element of the International Accounting
Standards Board’s Framework for the Preparation and Presentation of Financial Statements
which, in turn, forms the basis for IAS 37: Provisions, Contingent Liabilities and Contingent
Assets.

Required

Define liability and describe the circumstances under which provisions should be recognized.

Answer

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Tags: Contingent Assets, Contingent Liabilities, Financial Reporting, IAS 37, IFRS Standards, Provisions
Level: Level 2

Topic: IAS 37: Provisions, Contingent Liabilities and Contingent Assets
Series: DEC 2022

FR – Mar/Jul 2020 – L2 – Q2b – Recognition of Provisions under IAS 37

Explain the recognition criteria for provisions in accordance with IAS 37, including situations when provisions should be recognized.

Question

Explain the recognition criteria on provisions in accordance with International Accounting Standards (IAS 37) on provisions, contingent liabilities, and contingent assets. (5 Marks)

Answer

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Tags: Contingent Liabilities, Financial Reporting, IAS 37, Provisions, Recognition Criteria
Level: Level 2

FR – Mar/Jul 2020 – L2 – Q2c – Disclosure Requirements of IAS 37

Outline the disclosure requirements for provisions as per IAS 37.

Question

What are the disclosure requirements of International Accounting Standards (IAS 37) on provisions? (5 Marks)

Answer

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Tags: Contingent Liabilities, Disclosure Requirements, Financial Reporting, IAS 37, Provisions
Level: Level 2

Topic: Provisions and Contingent Liabilities
Series: MAR/JULY 2020

FR – Nov 2023 – L2 – Q2d – Financial Reporting Standards and Their Applications

Explain the financial reporting treatment of decommissioning costs in the financial statements of Taini Ltd under IAS 37.

Question

Taini Ltd (Taini) is a listed mining company that operates in the Bono Region with a ten-year term concession commencing on 1 April 2022. After the expiry of the current mining term, Taini has a duty to rehabilitate the area. These rehabilitations are anticipated to cost GH¢12.09 million on April 1, 2032. On April 1, 2022, the present value of the restoration cost was calculated using the company’s 8% cost of capital at GH¢5.6 million.

Required:
In accordance with IAS 37: Provisions, Contingent Liabilities and Contingent Assets, explain the financial reporting treatment of the above transaction in the financial statements of Taini Ltd for the year ended 31 March 2023.

Answer

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Tags: Contingent Liabilities, Decommissioning Costs, IAS 37, Provisions, Rehabilitation Costs
Level: Level 2

Topic: Financial Reporting Standards and Their Applications, Provisions and Contingent Liabilities
Series: NOV 2023

AA – Nov 2015 – L2 – Q5 – Completion Procedures and Reporting, Audit and Assurance Evidence

Discussing financial statement amendments for inventory valuation, depreciation, and contingent liabilities, and their impact on the auditor’s report.

Question

Big Build is a listed construction company with an annual revenue of GHS350m. Big Build’s draft statement of profit or loss shows a profit before tax for the year ended December 31, 2008, of GHS40m.

Big Build’s audit firm is conducting an audit. This is the first audit of Big Build that this audit firm has conducted. An enquiry to the previous audit firm revealed no reasons for concern. On completing audit work at the company’s premises, the audit senior drafts a memo, extracts from which are reproduced below:

(a) Inventory valuation:
Inventories include GHS7m, at cost, for scrap rubber from used car tyres. This material is widely used as a road surface in other countries. Contracts for road building with this country’s Highways Agency, the state authority for road construction, do not currently permit the use of this material. However, the matter was known to be under review, and Big Build speculated on a favourable outcome of this review and purchased the material. In February 2009, shortly before the financial statements were approved by the directors, the Highways Agency reported that it would not, currently, accept the use of this material. If used on non-Highways Agency contracts, the material’s net realisable value would not exceed GHS2m.

The finance director maintains that the issue of the Highways Agency report was a non-adjusting event after the reporting period. The write-down of the inventory should, therefore, be reflected in the next period’s financial statements.

(b) Depreciation:
During the year ended December 31, 2005, the company purchased two computer-controlled earth movers at a cost of GHS2,500,000 each and a further two at the same price during the year ended December 31, 2006. Depreciation has been provided at 10% straight line, the same basis as it previously depreciated conventional earth movers. This year, 2008, the company has decided that improvements in technology made it worthwhile scrapping their first two computer-controlled earth movers and replacing them with the latest model at a cost of GHS6,000,000 each. The company provides a full year’s depreciation charge in the year of acquisition and none in the year of disposal.

The company’s chief engineer tells you that technology is developing so rapidly it appears likely they will continue to replace these machines every five years. In spite of this, the finance director claims that the depreciation rate of 10% is in line with the industry standard and reflects the physical life of the machines. He urges that continued improvements in technology cannot be foreseen, and that there is no justification for increasing depreciation to 20% because of the possibility of technological obsolescence.

(c) Contingent liability:
The company is being sued for GHS50m by the Highways Agency for defective work on a recently completed road. The company maintains that it met the Highways Agency’s specification and it is the Agency’s engineers who are at fault in drawing up the specification. Big Build maintains that it has no case to answer, that the possibility of loss is remote, and that the claim need not be disclosed as a contingent liability. An investigative journalist has recently published an article suggesting that other roads constructed by the company exhibit similar faults. The managing director has admitted that the company’s road building techniques are under investigation by the Highways Agency. If the company were to lose the case, its future going concern would be threatened. No disclosure has been made in the financial statements.

Required:
For each of the following three issues, discuss whether the financial statements require amendment and describe the impact on the auditor’s report if the issue remains unresolved.
a) Inventory valuation.
(6 marks)
b) Depreciation.
(7 marks)
c) Contingent liability.
(7 marks)

Total: 20 marks

Answer

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Tags: Audit opinion, Contingent Liabilities, Depreciation, Financial Statement Amendments, Inventory Valuation
Level: Level 2

Topic: Audit and Assurance Evidence, Completion Procedures and Reporting
Series: NOV 2015

CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

Question

Required:
Explain how the above information, a to c, should be presented in the financial statements of Fidipote PLC for the year ended December 31, 2020.

Answer

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Tags: Brand Valuation, Contingent Liabilities, Intangible Assets, Lease Obligations, Litigation, Onerous Contracts
Level: Level 3

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

CR – Nov 2023 – L3 – SC – Q7 – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Evaluate Roman Limited's recognition of provision for emission reduction costs, compute the provision amounts, and explain the profit or loss components.

Question

The directors prepared detailed estimates of the costs of their proposals, showing the following expenditures:

N60 million on March 31, 2018
N60 million on March 31, 2019
N80 million on March 31, 2020

In accordance with the provisions of IAS 37 – Provisions, Contingent Liabilities, and Contingent Assets:

Required:
a. Explain the decision of the directors of Roman Limited to recognize the provision in the statement of financial position as at March 31, 2017.
(6 Marks)

b. Compute the appropriate provisions in the statement of financial position in respect of the proposed expenditure at March 31, 2017, and March 31, 2018.
(4 Marks)

(Total 15 Marks)

Answer

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Tags: Contingent Liabilities, Depreciation, Discounted Cash Flow, Emission Reduction, Environmental Commitment, IAS 37, Provisions
Level: Level 3

Topic: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)
Series: NOV 2023

CR – Nov 2017 – L3 – Q6 – Impairment of Assets (IAS 36)

Provide advice on provisions and disclosures for Eko Exports Limited’s financial statements based on events in 2016.

Question

The following information pertains to Eko Exports Limited (EEL) for the financial year ended December 31, 2016:

A customer who owed ₦1 million was declared bankrupt after his warehouse was destroyed by fire on February 10, 2017. It is expected that the customer would be able to recover 50% of the loss from the insurance company.
An employee of EEL forged the signatures of directors and made cash withdrawals of ₦7.5 million from the bank. Of these, ₦1.5 million were withdrawn before December 31, 2016. Investigations revealed that an employee of the bank was also involved, and under a settlement arrangement, the bank paid 60% of the amount to EEL on January 27, 2017.
EEL has filed a claim against one of its vendors for supplying defective goods. EEL’s legal consultant is confident that damages of ₦1 million would be paid to EEL. The supplier has already reimbursed the actual cost of the defective goods.
A suit for infringement of patents, seeking damages of ₦2 million, was filed by a third party. EEL’s legal consultant is of the opinion that an unfavorable outcome is most likely. Based on past experience, he has advised that there is a 60% probability that the amount of damages would be ₦1 million and a 40% likelihood that the amount would be ₦1.5 million.

Answer

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Tags: Bankruptcy, Contingent Liabilities, Forgery, Legal claims, Provisions
Level: Level 3

Topic: Impairment of Assets (IAS 36)
Series: NOV 2017

FR – May 2015 – L2 – SB – Q7 – Consolidated Financial Statements (IFRS 10)

Identify and explain events after the reporting period, discuss treatment of liquidation and dividends under IAS 10.

Question

Required:
Identify and explain these events and state how they are treated in the financial statements. (4 Marks)

Required:

Explain how the above transactions should be treated in the financial statements of company B in accordance with IAS 10-Events After The Reporting Period. (2 Marks)
Prepare journal entries that are required to adjust company B’s financial statements to account for the above event. (2 Marks)
State what would have been the treatment in the financial statements assuming it was fire that destroyed company B’s factory building on 30 July 2014. (3 Marks)

Required:
Explain how the dividend proposed by the Directors should be treated in the financial statements of XYZ Plc in accordance with IAS 10. (4 Marks)

Answer

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Tags: Adjusting Events, Contingent Liabilities, Dividends, Events After Reporting Period, Liquidation
Level: Level 2

Topic: Consolidated Financial Statements (IFRS 10)
Series: MAY 2015

FR – Nov 2019 – L2 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Distinguish between provisions, contingent liabilities, and contingent assets as defined in IAS 37.

Question

Required:

Distinguish between provisions, contingent liabilities, and contingent assets as contained in IAS 37.
(14 Marks)

Required:

Distinguish between provisions, contingent liabilities, and contingent assets as contained in IAS 37.
(14 Marks)

Answer

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Tags: Contingent Assets, Contingent Liabilities, IAS 37, Provisions
Level: Level 2

Topic: Contingent Liabilities and Contingent Assets (IAS 37)
Series: NOV 2019

FR – Dec 2022 – L2 – Q5b – Definition of Liability and Provisions

This question asks candidates to define liabilities and describe circumstances under which provisions should be recognized.

Question

Required

Define liability and describe the circumstances under which provisions should be recognized.

Answer

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Tags: Contingent Assets, Contingent Liabilities, Financial Reporting, IAS 37, IFRS Standards, Provisions
Level: Level 2

Topic: IAS 37: Provisions, Contingent Liabilities and Contingent Assets
Series: DEC 2022

FR – Mar/Jul 2020 – L2 – Q2b – Recognition of Provisions under IAS 37

Explain the recognition criteria for provisions in accordance with IAS 37, including situations when provisions should be recognized.

Question

Explain the recognition criteria on provisions in accordance with International Accounting Standards (IAS 37) on provisions, contingent liabilities, and contingent assets. (5 Marks)

Answer

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Tags: Contingent Liabilities, Financial Reporting, IAS 37, Provisions, Recognition Criteria
Level: Level 2

FR – Mar/Jul 2020 – L2 – Q2c – Disclosure Requirements of IAS 37

Outline the disclosure requirements for provisions as per IAS 37.

Question

What are the disclosure requirements of International Accounting Standards (IAS 37) on provisions? (5 Marks)

Answer

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Tags: Contingent Liabilities, Disclosure Requirements, Financial Reporting, IAS 37, Provisions
Level: Level 2

Topic: Provisions and Contingent Liabilities
Series: MAR/JULY 2020

FR – Nov 2023 – L2 – Q2d – Financial Reporting Standards and Their Applications

Explain the financial reporting treatment of decommissioning costs in the financial statements of Taini Ltd under IAS 37.

Question

Answer

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Tags: Contingent Liabilities, Decommissioning Costs, IAS 37, Provisions, Rehabilitation Costs
Level: Level 2

Topic: Financial Reporting Standards and Their Applications, Provisions and Contingent Liabilities
Series: NOV 2023

AA – Nov 2015 – L2 – Q5 – Completion Procedures and Reporting, Audit and Assurance Evidence

Discussing financial statement amendments for inventory valuation, depreciation, and contingent liabilities, and their impact on the auditor’s report.

Question

Total: 20 marks

Answer

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Tags: Audit opinion, Contingent Liabilities, Depreciation, Financial Statement Amendments, Inventory Valuation
Level: Level 2

Topic: Audit and Assurance Evidence, Completion Procedures and Reporting
Series: NOV 2015

Question Tag: Contingent Liabilities

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CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

You're reporting an error for "CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)"

CR – Nov 2023 – L3 – SC – Q7 – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Evaluate Roman Limited's recognition of provision for emission reduction costs, compute the provision amounts, and explain the profit or loss components.

You're reporting an error for "CR – Nov 2023 – L3 – SC – Q7 – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)"

CR – Nov 2017 – L3 – Q6 – Impairment of Assets (IAS 36)

Provide advice on provisions and disclosures for Eko Exports Limited’s financial statements based on events in 2016.

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FR – May 2015 – L2 – SB – Q7 – Consolidated Financial Statements (IFRS 10)

Identify and explain events after the reporting period, discuss treatment of liquidation and dividends under IAS 10.

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FR – Nov 2019 – L2 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Distinguish between provisions, contingent liabilities, and contingent assets as defined in IAS 37.

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FR – Dec 2022 – L2 – Q5b – Definition of Liability and Provisions

This question asks candidates to define liabilities and describe circumstances under which provisions should be recognized.

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FR – Mar/Jul 2020 – L2 – Q2b – Recognition of Provisions under IAS 37

Explain the recognition criteria for provisions in accordance with IAS 37, including situations when provisions should be recognized.

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FR – Mar/Jul 2020 – L2 – Q2c – Disclosure Requirements of IAS 37

Outline the disclosure requirements for provisions as per IAS 37.

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FR – Nov 2023 – L2 – Q2d – Financial Reporting Standards and Their Applications

Explain the financial reporting treatment of decommissioning costs in the financial statements of Taini Ltd under IAS 37.

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AA – Nov 2015 – L2 – Q5 – Completion Procedures and Reporting, Audit and Assurance Evidence

Discussing financial statement amendments for inventory valuation, depreciation, and contingent liabilities, and their impact on the auditor’s report.

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CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

You're reporting an error for "CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)"

CR – Nov 2023 – L3 – SC – Q7 – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Evaluate Roman Limited's recognition of provision for emission reduction costs, compute the provision amounts, and explain the profit or loss components.

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CR – Nov 2017 – L3 – Q6 – Impairment of Assets (IAS 36)

Provide advice on provisions and disclosures for Eko Exports Limited’s financial statements based on events in 2016.

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FR – May 2015 – L2 – SB – Q7 – Consolidated Financial Statements (IFRS 10)

Identify and explain events after the reporting period, discuss treatment of liquidation and dividends under IAS 10.

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FR – Nov 2019 – L2 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Distinguish between provisions, contingent liabilities, and contingent assets as defined in IAS 37.

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FR – Dec 2022 – L2 – Q5b – Definition of Liability and Provisions

This question asks candidates to define liabilities and describe circumstances under which provisions should be recognized.

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FR – Mar/Jul 2020 – L2 – Q2b – Recognition of Provisions under IAS 37

Explain the recognition criteria for provisions in accordance with IAS 37, including situations when provisions should be recognized.

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FR – Mar/Jul 2020 – L2 – Q2c – Disclosure Requirements of IAS 37

Outline the disclosure requirements for provisions as per IAS 37.

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FR – Nov 2023 – L2 – Q2d – Financial Reporting Standards and Their Applications

Explain the financial reporting treatment of decommissioning costs in the financial statements of Taini Ltd under IAS 37.

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AA – Nov 2015 – L2 – Q5 – Completion Procedures and Reporting, Audit and Assurance Evidence

Discussing financial statement amendments for inventory valuation, depreciation, and contingent liabilities, and their impact on the auditor’s report.

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