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.
