Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Chapter 18CURRENT LIABILITIES, PROVISIONS, CONTINGENCIES, AND EVENTS AFTER THE REPORTING PERIOD

1. INTRODUCTION
2. DEFINITIONS OF TERMS
3. RECOGNITION AND MEASUREMENT
   1. Current Liabilities
      1. Classification
      2. Nature of current liabilities
      3. Offsetting current assets against related current liabilities
      4. Types of liabilities
   2. Amount and Payee Known
      1. Short-term obligations expected to be refinanced
      2. Long-term debt subject to demand for repayment
   3. Payee Known but Amount May Need to Be Estimated
      1. Provisions
4. DISCLOSURES
5. PRACTICAL EXAMPLES
   1. 1. Dry-docking costs
      2. Unlawful environmental damage
      3. Provision for restructuring costs
      4. Onerous contracts
      5. Decommissioning costs
      6. Levies
   1. Payee Unknown and the Amount May Have to Be Estimated
   2. Contingent Liabilities
      1. Assessing the likelihood of contingent events
      2. Remote contingent losses
      3. Litigation
   3. Financial Guarantee Contracts
   4. Contingent Assets
   5. Disclosures Prescribed by IAS 37 for Contingent Liabilities and Contingent Assets
6. REPORTING EVENTS OCCURRING AFTER THE REPORTING PERIOD
   1. Authorization date
   2. Adjusting and nonadjusting events (after the reporting period)
   3. Dividends proposed or declared after the reporting period
   4. Going concern considerations
   5. Disclosure requirements
7. FUTURE DEVELOPMENTS
8. US GAAP COMPARISION

INTRODUCTION

Accounting for all of a reporting entity's liabilities is clearly necessary in order to accurately convey its financial position to investors, creditors and other stakeholders. Different kinds of liabilities have differing implications: short-term ...