[Illustrative Checklist] Disclosure requirements under Ind AS 37 | Provisions, Contingent Liabilities & Contingent Assets

The objective of Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets, is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount, thus helping them to make informed decisions. This Standard defines provisions as liabilities of uncertain timing or amount. The term ‘provision’ is also used in the context of items such as depreciation, impairment of assets and doubtful debts but these are adjustments to the carrying amounts of assets and are not addressed in this Standard.

As per the stipulation of this standard, an entity must comply with the below-mentioned disclosure requirements:

I. When a restructuring meets the definition of a discontinued operation, has the entity provided additional disclosures required by Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations

II. Has entity made disclosure required under, Ind AS 10, Events after the Reporting Period, if the restructuring is material and non-disclosure could influence the economic decisions that users make on the basis of the financial statement

III. For each class of provisions whether following has been disclosed

• The carrying amount at the beginning and end of the period;
• Additional provisions made in the period, including increases to existing provisions;
• Amounts used (i.e., incurred and charged against the provision) during the period;

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