Completed
Date

Thursday 6 July 2017

Time

12:00 pm

Duration

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 of 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 the co-author of ‘Understanding and Implementing the Reduced Disclosure Regime’. Carmen is serving her third three-year term as a member of the AASB.

Sonya Sinclair

Audit and risk management expert

Sonya is a registered company auditor, registered superannuation auditor and quality-control reviewer, CAANZ. Sonya specialises in risk management, implementation of audit quality through development of audit systems and processes, and interpretation and advice on generally accepted accounting and auditing principles. Sonya has over 15 years’ experience in auditing and financial reporting, bringing a collaborative style and balancing technical aspects with practical recommenations to clients.