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When can a provision be recognized as per ICDS X.

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Dated: 2-9-2017

Manual - ICDS X : Provisions, Contingent Liabilities & Contingent Assets

Taxpayer can recognize a provision in the following situations:

  • Taxpayer has a present obligation as a result of past event
  • It is reasonably certain that an outflow of resources embodying economic benefits would be required to settle such obligation and
  • a reliable estimate can be made of this obligation amount.

A provision should not be recognized for costs that need to be incurred to operate in the future.

 

 

 
 
 
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