International Accounting Standard 37 (IAS 37), applicable to IFRS, states the following: “Contingent assets are not recognized, but they are disclosed when it is more likely than not that an ...

The proposed amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets seek to clarify the criteria for recognising provisions and improve the guidance on how to measure them.

The second exposure draft, 127, is looking for comment on IAS 37, which deals with provisions, contingent liabilities and contingent assets. The AASB has found differences between the local ...