1887

n Professional Accountant - Accrued expenses, provisions and contingent liabilities explained - : accounting technical

Volume 2013, Issue 2
  • ISSN : 1680-7537

Abstract

There is a fine line between accrual liabilities, provisions, and contingent liabilities. The classification, to a large extent, depends on management's judgement based on the interpretation and estimations of the circumstances prevailing at the reporting date about the outcome of the occurrences or non-occurrence of future events. The question of when one raises an accrued expense versus a provision or when is it a contingent liability is often confused, particularly in the SME sector.

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/content/account/2013/2/EJC138041
2013-01-01
2019-11-22

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