IAS 37: Provisions, Contingent Liabilities and Contingent Assets
Recognition and measurement of provisions, and disclosure of contingent liabilities and assets.
Why IAS 37 matters
Legal, environmental, and restructuring provisions are judgmental and high-disclosure. Missing or inadequate provisions are restatement triggers.
Framework: International Accounting Standards (IAS)
IAS were issued by the IASC before being superseded by the IASB. Many IAS remain in force and are part of IFRS as adopted in Canada.
Primary source: IFRS Foundation
Frequently asked
What is IAS 37?
Recognition and measurement of provisions, and disclosure of contingent liabilities and assets.
Why does IAS 37 matter for an audit?
Legal, environmental, and restructuring provisions are judgmental and high-disclosure. Missing or inadequate provisions are restatement triggers.
Which framework does IAS 37 belong to?
IAS 37 falls under International Accounting Standards (IAS). IAS were issued by the IASC before being superseded by the IASB. Many IAS remain in force and are part of IFRS as adopted in Canada.
Related standards — International Accounting Standards (IAS)
See how Auditus checks IAS 37
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