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Provisions Contingent Liabilities and Contingent Assets - only for AY 2016-17

ICDS - 10 (old) - Old - ICDS for AY 2016-17 (Since withdrawn) - Other Direct Tax Provisions - ICDS - 10 (old) - ICDS X - Provisions, Contingent Liabilities and Contingent Assets [See: Notification No. 32/2015 Dated:- 31-3-2015] [ Came into force with effect from 1st day of April, 2015, - Only for AY 2016-17] Since Withdrawn vide notification no. 86/2016 dated 29-9-2016 J. INCOME COMPUTATION AND DISCLOSURE STANDARD X RELATING TO PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS Preamble Th .....

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ation 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 - .....

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egree of estimation. (b) "Liability" is a present obligation of the person arising from past events, the settlement of which is expected to result in an outflow from the person of resources embodying economic benefits. (c) "Obligating event" is an event that creates an obligation that results in a person having no realistic alternative to settling that obligation. (d) "Contingent liability" is: (i) a possible obligation that arises from past events and the existence .....

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t that arises from past events the existence of which will be confirmed only by the occurrence or nonoccurrence 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 en .....

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on; and (c) a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no provision shall be recognised. 6. No provision shall be recognised for costs that need to be incurred to operate in the future. 7. It is only those obligations arising from past events existing independently of a person's future actions, that is the future conduct of its business, that are recognised as provisions 8. Where details of a proposed new law have yet to be finalised, an .....

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ll be the best estimate of the expenditure required to settle the present obligation at the end of the previous year. The amount of a provision shall not be discounted to its present value. 13. The amount recognised as asset and related income shall be the best estimate of the value of economic benefit arising at the end of the previous year. The amount and related income shall not be discounted to its present value. Reimbursements 14. Where some or all of the expenditure required to settle a pr .....

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ontingent liability to the extent that it is expected that the obligation will be settled by the other parties. Review 17. Provisions shall be reviewed at the end of each previous year and adjusted to reflect the current best estimate. If it is no longer reasonably certain that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision should be reversed. 18. An asset and related income recognised as provided in para 11 shall be reviewed at the e .....

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