Thursday 6 July 2017


12:00 pm


1.5 hours

Session Topic

Provisions and contingencies – a fresh look

AASB 137 Provisions, Contingent Assets and Liabilities has remained unchanged since the move in 2005 to Australian equivalents of international standards. Often, provisioning has resulted in misstatements of results and liability positions. It has also been an area of substantial audit risk. Finally, AASB 137 has new relevance under AASB 16 Revenue from Customer Contracts. It’s time for a fresh look. This session will:

  • Review the distinction between provisions and other liabilities
  • Dissect the recognition and measurement requirements
  • Address the disclosures
  • Work through examples, and
  • Discuss key audit procedures to be applied.
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This session is presented by:

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).