Home Our Standards MASB Approved Accounting Standards for Entities Other than Private Entities
Financial Reporting Standard 110

Consequential Amendments to FRS 1372004

Provisions, Contingent Liabilities and Contingent Assets

The amendments shall be applied for annual periods beginning on or after 1 January 2006. If an entity applies FRS 110 Events After the Balance Sheet Date for an earlier period, these amendments shall be applied for that earlier period.

In FRS 1372004 Provisions, Contingent Liabilities and Contingent Assets, paragraph 2 is deleted. In addition, paragraph 18 of the Introduction and paragraphs 76 are amended to read as follows:
18.

The Standard supersedes the parts of MASB Approved Accounting Standard IAS 10, Contingencies and Events Occurring after the Balance Sheet Date , that deal with contingencies. The Standard defines a contingent liability as:

 

(a)

...

 

 

 

 
2.

[Deleted] The Standard supersedes the parts of MASB Approved Accounting Standard IAS 10, Contingencies and Events Occurring after the Balance Sheet Date, that deal with contingencies.The parts of that Standard which deal with events after the balance sheet date are superseded by FRS 110, Events After the Balance Sheet Date.

 
76.

A management or board decision to restructure taken before the balance sheet date does not give rise to a constructive obligation at the balance sheet date unless the entity enterprise has, before the balance sheet date:

 

(a)

started to implement the restructuring plan; or
(b)

announced the main features of the restructuring plan to those affected by in it a sufficiently specific manner to raise a valid expectation in them that the entity enterprise will carry out the restructuring.

If an entity In some cases, an enterprise starts to implement a restructuring plan, or announces its main features to those affected, only after the balance sheet date, dDisclosure is required under FRS 1102004 Events after the Balance Sheet Date, if the restructuring is material and non-disclosure could influence the economic decisions of users taken on the basis of the financial statements. of such importance that its non-disclosure would affect the ability of the users of the financial statements to make proper evaluations and decisions

 

 

 

 
 

Page | 1 2 3 4 5 6 7