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Provisions : their recognition, measurement, and disclosure in financial statements

Author: Andrew Lennard; Sandra Thompson; Financial Accounting Standards Board.
Publisher: Norwalk, Conn. : Financial Accounting Standards Board, 1995.
Series: Financial accounting series, no. 155-D.; Special report (Financial Accounting Standards Board)
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
Accounting for provisions is an important topic for standard- setters for several reasons: first, provisions, and the movements on (changes in) them, are often material to reporting entities' financial position and performance; second, there is little guidance at present in accounting standards on their accounting and disclosure with the consequent danger that different enterprises will account for provisions in  Read more...
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Document Type: Book
All Authors / Contributors: Andrew Lennard; Sandra Thompson; Financial Accounting Standards Board.
OCLC Number: 33822618
Notes: "November 1995"--Cover.
Description: vii, 22 pages ; 23 cm.
Contents: Introduction and summary of the working group's views ; GENERAL PRINCIPLES: Recognition ; Measurement ; Disclosure ; SPECIFIC APPLICATIONS --
FUTURE OPERATING LOSSES ; SPECIFIC APPLICATION --
RESTRUCTURINGS: What is a restructuring? ; When should a provision be recognised? ; Expenditures that may be included in a provision for restructuring.
Series Title: Financial accounting series, no. 155-D.; Special report (Financial Accounting Standards Board)
Responsibility: Andrew Lennard, Sandra Thompson.

Abstract:

Accounting for provisions is an important topic for standard- setters for several reasons: first, provisions, and the movements on (changes in) them, are often material to reporting entities' financial position and performance; second, there is little guidance at present in accounting standards on their accounting and disclosure with the consequent danger that different enterprises will account for provisions in different ways; finally, the issues that arise in accounting for provisions seem to fall within various standard-setters' conceptual frameworks, and it therefore seems likely that a common solution to the issues can be found. These issues fall into three main areas: when should provisions be recognised, how should provisions be measured, and what disclosures should be given.

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