Document ID: chunk:federal_register_of_legislation:F2023C00419:body:0:p1
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Character Range: 0–3427

Compiled AASB Standard  AASB 137

Provisions, Contingent Liabilities and Contingent Assets

This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.
Prepared on 6 April 2023 by the staff of the Australian Accounting Standards Board.
Compilation no. 5

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
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Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
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COPYRIGHT
© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 37
ACCOUNTING STANDARD
AASB 137 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

from paragraph
Objective
Scope 1
Definitions 10
Provisions and other liabilities 11
Relationship between provisions and contingent liabilities 12
Recognition
Provisions 14
Present obligation 15
Past event 17
Probable outflow of resources embodying economic benefits 23
Reliable estimate of the obligation 25
Recognition of liabilities arising from local government and government existing public policies, budget policies, election promises or statements of intent              Aus26.1
Contingent liabilities 27
Contingent assets 31
Measurement
Best estimate 36
Risks and uncertainties 42
Present value 45
Future events 48
Expected disposal of assets 51
Reimbursements 53
Changes in provisions 59
Use of provisions 61
Application of the recognition and measurement rules
Future operating losses 63
Onerous contracts 66
Restructuring 70
Disclosure 84
Transitional provisions 94A
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus94.2
Effective date 95
AppendiX
A  Australian simplified disclosures for Tier 2 entities

IMPLEMENTATION GUIDANCE
A  Tables – Provisions, contingent liabilities, contingent assets and reimbursements
B  Decision tree
C  Examples: recognition
D  Examples: disclosures
COMPILATION DETAILS
Deleted IAS 37 text

available on the AASB website
Basis for Conclusions