• Register
Search Questions / Answers

Welcome to AccountantAnswer Forum, where you can ask questions and receive answers. Although you need not be a member to ask questions or provide answers, we invite you to register an account and be a member of our community for mutual help. You can register with your email or with facebook login in few seconds

Get AccountantAnswer App

Categories


Provision made resulting from an onerous Contract (according to IAS 37) - would it be amortized or keep as it is or any other Solutions available?
in IAS 37 - Provisions, Contingent Liabilities and Contingent Assets by Level 1 Member (1.6k points)

1 Answer

0 votes
Provision for an onerous contract is recognised on the best estimate of the unavoidable costs.

It is therefore appropriate to reassess the estimate annually to determine if there are changes in estimate.

I hope it is clear.
by Level 3 Member (5.7k points)


...