How to Account for Decommissioning Provision under IFRS
When a company acquires certain types of long-term assets, it sometimes has an obligation to remove these assets after the end of their useful lives and restore the site. Typical example of such an asset is an oil rig or a nuclear power plant. When…
How to Account for Provisions – Practical Questions
Today, let’s be practical. A couple of weeks ago, I published an article about IAS 37 Provisions, Contingent Liabilities and Contingent Assets. I received a lot of questions from you, so here I try to give you my answers to the issues that popped out…
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
Last update: July 2023 Have you ever heard a joke about two accountants applying for a job? During their interview, they were given a task to calculate a net profit figure based on available data. After some while, interviewer asked them a question: “What result…
