Assertion: provision | /r/HasProperty | recognized
Facets:
Source sentences:
text: A provision shall be recognized if the following criteria are fulfilled:
text: The key principle established by the Standard is that a provision should be recognised only when there is a liability i.e. a present obligation resulting from past events.
text: However, a provision needs to be recognized if the executory contract becomes onerous to the entity.
text: A provision is a decrease in asset value and should be recognized when a present obligation arises due to a past event.
text: It sets out the accounting and disclosure requirements for provisions, contingent liabilities and contingent assets, with several exceptions, establishing the important principle that a provision is to be recognized only when the entity has a liability.
text: IAS 37 establishes the definition of a provision as a "liability of uncertain timing or amount", and requires that all the following conditions be fulfilled before a provision can be recognized:
text: The provision for these expenses is recognized when the waste is produced (i.e. when you operate the plant).
text: A provision shall be recognized if the following criteria are fulfilled:
text: However, a provision needs to be recognized if the executory contract becomes onerous to the entity.
text: A provision is recognised as contamination occurs for any legal obligations of clean up, or for constructive obligations if the company's published policy is to clean up even if there is no legal requirement to do so (past event is the contamination and public expectation created by the company's policy)
text: No provision is recognised (there is no obligation to provide the training, recognise a liability if and when the retraining occurs)
text: No provision is recognised (no obligation) [Appendix C, Example 11]
text: No provision is recognised (no liability) [IAS 37.63]
text: When a provision (liability) is recognised, the debit entry for a provision is not always an expense.