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| Author: | Rees, H. |
| Title: | The IASB's proposed amendments to IAS 37 |
| Journal: | Accounting in Europe
2006 : VOL. 3, p. 27-34 |
| Index terms: | accounting standards regulations |
| Language: | eng |
| Abstract: | In June 2005, the International Accounting Standards Board (IASB) issued an Exposure Draft of Proposed Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits with a comment deadline of 28 October 2005. The Exposure Draft proposed a new title for IAS 37: Non-financial Liabilities. Instead of providing an overview of the main changes to IAS 37 and IAS 19, this paper explores two aspects of the IAS 37 amendments: the change to the application of the probability recognition and changes to the measurement requirements. Specifically, by using a simple example of a product warranty, the paper considers some of the conceptual difficulties with the recognition and measurement requirements in the current version of IAS 37 and hence explains why the IASB decided to propose amendments to those requirements. |
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