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Home Acts & Rules Direct Taxes Rules Accounting Standards U/s 145(2) Chapters List Old - ICDS for AY 2016-17 (Since withdrawn) This
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ICDS - 10 (old) - Provisions, Contingent Liabilities and Contingent Assets - only for AY 2016-17 - Accounting Standards U/s 145(2)

Extract

..... ) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent. Scope 1. This Income Computation and Disclosure Standard deals with provisions, contingent liabilities and contingent assets, except those: (a) resulting from financial instruments; (b) resulting from executory contracts; (c) arising in insurance business from contracts with policyholders; and (d) covered by another Income Computation and Disclosure Standard. 2. This Income Computation and Disclosure Standard does not deal with the recognition of revenue which is dealt with by Income Computation and Disclosure Standard - Revenue Recognition. 3. The term 'provision' is also used in the context of items such as depreciation, .....

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ICDS - 10 (old) - Provisions, Contingent Liabilities and Contingent Assets - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... of one or more uncertain future events not wholly within the control of the person. (f) "Executory contracts" are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent. (g) "Present obligation" is an obligation if, based on the evidence available, its existence at the end of the previous year is considered reasonably certain. 4(2) Words and expressions used and not defined in this Income Computation and Disclosure Standard but defined in the Act shall have the meaning respectively assigned to them in the Act. Recognition Provisions 5. A provision shall be recognised when: (a) a person has a present obligation as a result of a .....

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ICDS - 10 (old) - Provisions, Contingent Liabilities and Contingent Assets - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... lated income shall not be discounted to its present value. Reimbursements 14. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement shall be recognised when it is reasonably certain that reimbursement will be received if the person settles the obligation. The amount recognised for the reimbursement shall not exceed the amount of the provision. 15. Where a person is not liable for payment of costs in case the third party fails to pay, no provision shall be made for those costs. 16. An obligation, for which a person is jointly and severally liable, is a contingent liability to the extent that it is expected that the obligation will be settled by the other parties. .....

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ICDS - 10 (old) - Provisions, Contingent Liabilities and Contingent Assets - only for AY 2016-17 - Accounting Standards U/s 145(2)

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