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Section 21. Provisions and Contingencies |
Ref |
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1. |
For each class of provision, an entity shall disclose the following: a) a reconciliation showing: i. the carrying amount at the beginning and end of the period; ii. additions during the period, including adjustments that result from changes in measuring the discounted amount; iii. amounts charged against the provision during the period; and iv. unused amounts reversed during the period; b) a brief description of the nature of the obligation and the expected amount and timing of any resulting payments; c) an indication of the uncertainties about the amount or timing of those outflows; and d) the amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement. Comparative information for periods is not required |
21.14 |
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2. |
Unless the possibility of any outflow of resources in settlement is remote, an entity shall disclose, for each class of contingent liability at the reporting date, a brief description of the nature of the contingent liability and, when practicable: a) an estimate of its financial effect, measured in accordance with paragraphs 21.7 to 21.11; b) an indication of the uncertainties relating to the amount or timing of any outflow; and c) the possibility of any reimbursement. If it is impracticable to make one or more of these disclosures, that fact shall be stated. Comparative information for periods is not required. |
21.15 |
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3. |
If an inflow of economic benefits is probable (more likely than not) but not virtually certain, an entity shall disclose a description of the nature of the contingent assets at the end of the reporting period, and, when practicable, an estimate of their financial effect, measured using the principles set out in paragraphs 21.7 to 21.11. If it is impracticable to make this disclosure, that fact shall be stated. |
21.16 |
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4. |
In extremely rare cases, disclosure of some or all of the information required by paragraphs 21.14 to 21.16 can be expected to prejudice seriously the position of the entity in a dispute with other parties on the subject matter of the provision, contingent liability or contingent asset. In such cases, an entity need not disclose all of the information required by those paragraphs insofar as it relates to the dispute, but shall disclose at least the following. In relation to provisions, the following information shall be given: (a) a table showing the reconciliation required by paragraph 21.14(a) in aggregate including the source and application of any amounts transferred to or from provisions during the reporting period; (b) particulars of each provision in any case where the amount of the provision is material; and (c) the fact that, and reason why, the information required by paragraph 21.14 has not been disclosed. In relation to contingent liabilities, the following information shall be given: (a) particulars and the total amount of any contingent liabilities (excluding those which arise out of insurance contracts) that are not included in the statement of financial position (b) the total amount of contingent liabilities which are undertaken on behalf of or for the benefit of: (i) any parent or fellow subsidiary of the entity; (ii) any subsidiary of the entity; OR (iii) any entity in which the reporting entity has a participating interest, shall each be stated separately; and (c) the fact that, and reason why, the information required by paragraph 21.15 has not been disclosed. In relation to contingent assets, the entity shall disclose the general nature of the dispute, together with the fact that, and reason why, the information required by paragraph 21.16 has not been disclosed. |
21.17 |
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5. |
An entity shall disclose the nature and business purpose of the financial guarantee contracts it has issued. If applicable, an entity shall also provide the disclosures required by paragraphs 21.14 and 21.15. |
21.17A |
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