Contingent Liabilities and Contingent Assets

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　　1. Objective

 

　　To ensure that appropriate recognition criteria and measurement bases are applied to:

 

　　provisions;

 

　　contingent liabilities; and

 

　　contingent assets.

 

　　To ensure that sufficient information is disclosed in the notes to the financial statements in respect of each of these items.

 

　　2. Scope

 

　　The rules will apply to all provisions and contingencies except for those covered by more specific requirements in other IFRSs. For example:

 

　　IAS 11 Construction Contracts;

 

　　IAS 19 Employee Benefits;

 

　　IAS 12 Income Taxes

 

　　IAS 17 Leases; and

 

　　IFRS 3 Business Combinations.

 

　　3. Terminology

 

　　Provisions: liabilities of uncertain timing or amount.

 

　　Liability: a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

 

　　Obligating event: an event which creates a legal or constructive obligation which results in an entity having no realistic alternative to settling that obligation.*

 

　　Legal obligation: an obligation which derives from:

 

　　a contract;

 

　　legislation; or

 

　　other operation of law.

 

　　Constructive obligation: an obligation which derives from an entity's actions where:

 

　　by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities; and as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities.

 

　　Contingent liability:

 

　　a possible obligation which arises from past events and whose existence will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events, which are not wholly within the control of the entity; or

 

　　a present obligation which arises from past events but is not recognised because:

 

　　— it is not probable that an outflow of benefits embodying economic benefits will be required to settle the obligation; or

 

　　— the amount of the obligation cannot be measured with sufficient reliability.*

 

　　Contingent asset: a possible asset which arises from past events and whose existence will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

 

　　Onerous contract: a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from it.

 

　　Restructuring: a programme which is planned and controlled by management, and materially changes either:

 

　　= the scope of a business undertaken by an entity; or

 

　　= the manner in which that business is conducted.

 

　　4. Relationship Between Provisions and Contingent Liabilities

 

　　In a general sense, all provisions are contingent because they are uncertain in timing or amount.

 

　　The standard distinguishes between:

 

　　provisions, which are present obligations; and

 

　　contingent liabilities, which are not recognised because they are either:

 

　　— only possible obligations; or

 

　　— present obligations, which cannot be measured with sufficient reliability.

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