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ACCOUNTING RULES

fulfilled by a direct payment to the counterparty or to


LIABILITIES undertake a service

INITIAL MEASUREMENT OF LIABILITIES FULFILLMENT OF AN OBLIGATION BY MAKING


The entity shall measure a liability at the AMOUNT PAYMENTS TO THE COUNTERPARTY
THAT IT WOULD RATIONALLY PAY AT THE END of the The relevant outflows include:
accounting period to be relieved of the present 1. Payment to the counterparty
obligation. 2. Associated cost attributable to that obligation (ex:
external legal fees, cost of in-house legal department)
It clarifies that the amount that the entity would
rationally pay to be relieved is the LOWEST OF: FULFILLMENT OF AN OBLIGATION BY UNDERTAKING
1. The PV of the resources required to fulfill the A SERVICE
obligation, measured in accordance with guidance in The relevant outflows are the amounts that the entity
the Standard would rationally pay a contractor at a future date to
2. The amount would rationally pay to cancel the undertake a service on its behalf and this would
obligation depend on whether there is a market price for such
3. The amount that the entity would have to pay to service
transfer the obligation to a third party 1. IF THERE IS A MARKET PRICE FOR THE SERVICE – the
amount is the PRICE that the entity ESTIMATES a
MEASURING THE PRESENT VALUE (PV) OF THE contractor would charge at that future date to
RESOURCES REQUIRED TO FULFILL AN OBLIGATION undertake the service on the entity’s behalf and
An entity should take into consideration the following 2. IF THERE IS NO MARKET PRICE FOR THE SERVICE –
elements: the entity would estimate the amount it would charge
1. The expected outflow of resources another party at that future date to undertake the
2. The time value of money service. The estimates would include COST the entity
3. The risk that the actual outflows of resources might expects to incur and the MARGIN it would require to
ultimately differ from those expected undertake the service for the other party

ESTIMATING THE EXPECTED PV OF THE OUTFLOWS SUBSEQUENT MEASUREMENT OF LIABILITIES


The range of outcomes and their effects shall be The entity shall review and if necessary, adjust the
taken into account by estimating the expected PV of amount of a liability at the end of each accounting
the outflows. Estimating the PV involves: reporting period to the amount that it would
1. Identify each possible outcome rationally pay to be relieved of the present obligation
2. Making an unbiased estimate of the amount and at that date. When the entity remeasures the carrying
timing of the outflows of resources for that outcome amount of a liability, the remeasurement should
3. Determining the PV of these outflows, and reflect any changes in estimates of:
4. Making an unbiased estimate of the probability of 1. The expected outflows of resources
each outcome 2. Market assessment of the time value of money
3. The risk that the actual outflows of resources might
Note: The expected PV is the PROBABILITY- ultimately differ from those expected
WEIGHTED AVERAGE of the PV of the outflows for the
possible outcomes Note: Changes in the carrying amount of the liability
resulting from passage of time are recognized as a
The RELEVANT FUTURE OUTFLOWS are those that borrowing cost in profit or loss.
affect the amount that the entity would rationally pay
to be relieved of the obligation. These depends on
whether the obligation is to be CURRENT LIABILITIES
Liabilities of the entity which:
1.The entity expects to settle in its normal operating
cycle; or
2. The entity holds primarily for the purpose of
trading; or
3. Is due to be settled within 12 months after the RETURNABLE DEPOSITS are classified as current
reporting period; or liabilities if the entity expects to refund them during
4. The entity does not have an unconditional right to the current operating cycle or within one year,
defer settlement of the liability for at least 12 months whichever is longer.
after the reporting period. Deposit liabilities of banks and similar entities
Deposit received for returnable containers
NONCURRENT LIABILITIES Security deposits received from lessees
Liabilities that are not classified as current. It includes: Deposits received from escrow agreements
1. Noncurrent portion of a long-term liability Deposits for future subscription of the entity’s own
2. Capital lease liability equity instrument to the extent that such deposits are
3. Non-current deferred tax liability repayable in cash
4. Long term obligations to company officers
5. Long-term deferred revenue ACCRUED LIABILITIES have their origin in the end-of-
period adjustment process required by accrual
Types of liabilities accounting. They represent economic obligations,
Current obligations can be divided into those where: even when the legal or contractual commitment to
1. Both the amount and the payee are known: pay has not yet been triggered. Commonly accrued
liabilities include wages and salaries payable, interest
ACCOUNTS PAYABLE -transactions with suppliers in payable, rent payable and taxes payable
the normal course of business, which customarily are
due in no more than one year, may be stated at their AGENCY LIABILITIES result from the legal obligation
face amount rather than at the present value of the of the entity to act as the collection agent for
required future cash flows if the effect of discounting employee or customer taxes owed to various federal,
is immaterial state or local government units. Examples of agency
liabilities include value-added tax, sales taxes, income
NOTES PAYABLE -Monetary obligations, other than taxes withheld from employee salaries, and employee
those due currently, should be presented at the social security contributions, where mandated by law.
present value of future payments, thus giving explicit In addition to agency liabilities, an employer may
recognition to the time value of money. Discounting, have a current obligation for unemployment taxes.
however, is only required where the impact of the Payroll taxes typically are not legal liabilities until the
discounting would be material on the financial associated payroll is actually paid, but in keeping with
statements the concept of accrual accounting, if the payroll has
been accrued, the associated payroll taxes should be
DIVIDENDS PAYABLE become a liability of the entity as well
when a dividend has been declared. Since declared
dividends are usually paid within a short period of OBLIGATION IS CURRENT IF:
time after the declaration date, they are classified as 1.Term is due on demand
current liabilities, should a statement of financial 2. Due on demand within one year or the operating
position be prepared at a date between the two cycle (if longer) from the end of the reporting period,
events. even if liquidation is not expected to occur within that
period
UNEARNED REVENUES OR ADVANCES - should be 3. Due and payable on demand of a long-term loan
classified as current liabilities at the end of the agreement as a result of breach in undertaking or
reporting period if the services are to be performed covenant even if the lender has agreed, after the end
or the products are to be delivered of the reporting period and before the authorization
of FS for issue, not to demand payment as a
consequence of breach
within one year or the operating cycle, whichever is
longer. OBLIGATION IS NON-CURRENT IF:
Advances received for future delivery of goods 1. The lender has granted an extension before the end
Advances received for future provision of services of the reporting period (extending for at least one
Gift certificates either for goods or services year from the end of the reporting period)
2. The lender has agreed by the end of the reporting lender upon the occurrence of certain events. In
period to provide a grace period within which the other cases, the lender will have certain rights under
entity can rectify a breach of an undertaking or a “subjective acceleration clause” inserted into the
covenant under a long-term loan agreement and loan agreement, giving it the right to demand
during that time the lender cannot demand repayment if it perceives that its risk position has
immediate repayment, the liability is to be classified deteriorated as a result of changes in the borrower’s
as non-current if it is due for settlement without that business operations, liquidity or other sometimes
breach of an undertaking or covenant, at least 12 vaguely defined factors. They are normally
months after the reporting period and either: considered as current liabilities upon breach of
3. The entity rectifies the breach within the period of covenants.
grace
4. When the FS are authorized for issue, the grace Long-term obligation that is maturing within 12
period is incomplete and it is probable that the breach months after the reporting period is classified as
will indeed be rectified current EVEN IF a refinancing agreement to
reschedule payments on a long-term basis is
SHORT-TERM OBLIGATIONS EXPECTED TO BE completed after the reporting period but before the
REFINANCED is current when: financial statements are authorized for issue.
1. Due to be settled within 12 months of the end of
the reporting period notwithstanding that its original Long-term obligation that is maturing within 12
term was for a period of more than 12 months and months after the reporting period is classified as
that an agreement to refinance or to reschedule noncurrent if the entity EXPECTS, and HAS THE
payments on a long-term basis is completed after the DISCRETION, to refinance it on a long-term basis
reporting period and before the financial statement under an EXISTING LOAN FACILITY. If the refinancing
are authorized for issuance is not at the discretion of the entity (for example,
2. When the refinancing or “rolling over” the there is no arrangement for refinancing) the financial
obligation is not at the discretion of the entity (as liability is current
when there is no agreement to refinance), in which
case the potential to refinance (which is no more than Long-term obligation is noncurrent if the lender
the borrower’s hope in such instance) is not provides the entity BY THE END of the reporting
considered and the obligation is classified as current period (on or before Dec 31) a grace period ending at
least 12 months after the reporting period, within
SHORT-TERM OBLIGATIONS EXPECTED TO BE which the entity can rectify the breach and during
REFINANCED is noncurrent when: which the lender cannot demand immediate
1. When the reporting entity has the ability, repayment
unilaterally, to refinance or “roll over” the debt for at Long-term debt subject to demand for repayment
least 12 months after the end of the reporting period, remains as noncurrent liabilities if the following
under the terms of an existing loan facility, even if it conditions can be met:
is otherwise due to be repaid within 12 months of the 1. the lender has agreed, prior to approval of the
end of the reporting period, if the “rollover” is the financial statements, not to demand payment as a
entity’s intent consequence of the breach (giving what is known as a
LONG-TERM DEBT SUBJECT TO DEMAND FOR debt compliance waiver); and
REPAYMENT 2. that it is considered not probable that further
Long-term (and even many short-term) debt breaches will occur within 12 months of the end of
agreements typically contain covenants, which the reporting period
effectively are negative or affirmative restrictions on
the borrower as to undertaking further borrowings, General Rule:
paying dividends, maintaining specified levels of A currently maturing obligation or an obligation that
working capital and so forth. If a covenant is breached is payable on demand is presented as current
by the borrower, the lender will typically have the The occurrence of the following AFTER THE END of
right to call the debt immediately, or to otherwise the reporting period but BEFORE the financial
accelerate repayment. A lender may have the right to statements are authorized for issue are disclosed as
demand immediate significantly accelerated NON-ADJUSTING events after the reporting
repay-ment, or such acceleration rights vest with the
period, meaning the related liability will still be
presented as current: 3. Discounting is applied when it could materially
Refinancing on a long-term basis where management effect, otherwise it is ignored. IAS 37 clarifies that the
has NO DISCRETION to refinance or roll over an discount rate applied should be consistent with the
obligation for at least 12 months after the reporting estimation of cash flows
period under an existing loan facility
Rectification of a breach of a long-term loan 4. Future events should be reflected in the provision
arrangement when there is sufficient objective evidence that such
The granting by the lender of a GRACE PERIOD to future events will in fact occur.
rectify a breach of a long-term loan arrangement
ending at least 12 months after the reporting period 5. Decommissioning provisions under IFRIC 1
mandates that changes in decommissioning
Exception: The following result to non-current provisions should be recognized prospectively (i.e. by
classification: amending future depreciation charges)
Refinancing is completed ON or BEFORE the balance
sheet date 6.Disposal proceeds or gains from expected disposal
Refinancing agreement takes place after the balance of assets should not be taken into account in arriving
sheet date but before the financial statements are at the amount of the provision (even if the expected
authorized for issue and the entity has the disposal is closely linked to the event giving rise to the
DISCRETION to roll-over the liability on a long-term provision)
basis
Grace period to rectify a breach of agreement is 7. Reimbursements by other parties should be taken
received ON or BEFORE the balance sheet date into account when computing the provision, only if it
is virtually certain that the reimbursement will be
2. The payee is known but the amount may have to received. The reimbursement should be treated as a
be estimated; separate asset on the statement of financial position
and not netted against the estimated liability.
PROVISIONS (under IAS 37) – liabilities for which
amount or timing of expenditure is uncertain and is 8. Changes in provisions should be considered at the
recognized only if: end of each reporting period and provisions should be
1. The entity has a present obligation (legal or adjusted to reflect the current best estimates. If upon
constructive) as a result of a past event; review it appears that it is no longer probable that an
2.It is probable that an outflow of resources outflow of resources embodying economics will be
embodying economic benefits will be required to required to settle the obligation, then the provision
settle the obligation; and should be reversed through current period profit or
3. A reliable estimate can be made of the amount of loss as a change in estimate
the obligation
9. Use of provisions recognized is to be restricted to
Provisions includes: the purpose for which it was recognized originally. Ex:
1. Best estimates or “expected value” A reserve for plant dismantlement cannot be used to
For estimated liabilities comprised of large numbers absorb environmental pollution claims or warranty
of relatively small, similar items, weighting by payments for it would camouflage the impact of the
probability of occurrence can be used to compute the two different events, distorting income performance
aggregate expected value (this is often used to and possibly constituting financial reporting fraud
compute accrued warranty reserves)
For estimated liabilities consisting of only a few (or a 10. Future operating losses. A provision for future
single) discrete obligations, the most likely outcome operating losses cannot be recognized as future
may be used to measure the liability when there is a operating losses do not meet the definition of a
range of outcomes having roughly similar liability at the end of the reporting period
probabilities
11. Onerous contracts. Present obligations under
2. Risk and uncertainties should be taken in arriving onerous contracts should be recognized and
at the best estimate of the provision measured as a provision. The standard introduces the
concept of onerous contracts, which it defines as They may or may not require the payment of a cash
contracts under which the unavoidable costs of amount. If the premium offer terminates at the end
satisfying the obligations exceed the economic of the current period but has not been accounted for
benefits expected. The standard mandates that completely if it extends into the
unavoidable costs under a contract represent the next accounting period, a current liability for the
“least net costs of exiting from the contract.” Such estimated number of redemptions expected
unavoidable costs should be measured at the lower in the future period will have to be recorded. If the
of: premium offer extends for more than one
The cost of fulfilling the contract; or accounting period, the estimated liability must be
Any compensation or penalties arising from failure to divided into a current portion and a long-term
fulfil the contract. portion.

12. Restructuring provisions -are recognized only PRODUCT WARRANTIES providing for repair or
when the general recognition criteria for provisions replacement of defective products may be sold
are met. A constructive obligation to restructure separately or may be included in the sale price of the
arises only when an entity has a detailed formal plan product. If the warranty extends into the
for the restructuring, which identifies at least the next accounting period, a current liability for the
following: estimated amount of warranty expense
1. The business or the part of the business concerned; anticipated for the next period must be recorded. If
2. Principal locations affected; the warranty spans more than the next
3. Approximate number of employees that would period, the estimated liability must be partitioned
need to be compensated for termination resulting into a current and long-term portion.
from the restructuring (along with their function and
location);
4. Expenditure that would be required to carry out the CONTINGENT LIABILITIES
restructuring; and An obligation that is either:
5. Information as to when the plan is to be 1. A possible obligation arising from past events, the
implemented outcome of which will be confirmed only on the
occurrence or non-occurrence of one or more
Examples of events that may fall within the definition uncertain future events which are not wholly within
of restructuring are: the control of the reporting entity; or
1. A fundamental reorganization of an entity that has 2. A present obligation arising from past events, which
a material effect on the nature and focus of the is not recognized either because it is not probable
entity’s operations; that an outflow of resources will be required to settle
2. Drastic changes in the management structure—for an obligation or the amount of the obligation cannot
example, making all functional units autonomous; be measured with sufficient reliability.
3. Removing the business to a more strategic location Under IAS 37, the reporting entity does not recognize
or place by relocating the a contingent liability in its statement of financial
headquarters from one country or region to another; position. Instead, it should disclose in the notes to the
and financial statements the following information:
4. The sale or termination of a line of business (if 1. An estimate of its financial effect;
certain other conditions are satisfied, such that a 2. An indication of the uncertainties relating to the
restructuring could be considered a discontinued amount or timing of any outflow;
operation under IFRS 5). 3.The possibility of any reimbursement.

Assessing the likelihood of contingent events-


3. The payee is unknown and the amount may have qualitative descriptions, ranging along the continuum
to be estimated from remote to probable, have historically been
prescribed. IAS 37 sets the threshold for accrual at
PREMIUMS are usually offered by an entity to “more likely than not,” which most experts have
increase product sales. They may require the defined as being a probability of very slightly over a
purchaser to return a specified number of box tops, 50% likelihood. Thus, if there is even a hint that the
wrappers or other proofs of purchase. obligation is more likely to exist than not to exist, it
will need to be formally recognized if an amount can estimate of the contingency is unknown and the
be reasonably estimated for it. The impact will be contingency is reflected only in footnotes.
both to make it much less ambiguous when a
contingency should be recorded and to force FINANCIAL GUARANTEE CONTRACTS
recognition of far more of these obligations at earlier These contracts are commonly encountered in the
dates than they are being given recognition at commercial world; these can range from guarantees
present. When a loss is probable and no estimate is of bank loans made as accommodations to business
possible, these facts should be disclosed in the associates to negotiated arrangements made to
current period. The accrual of the loss should be facilitate sales of the entity’s goods or services. IFRS
made in the period in which the amount of the loss provides guidance on the accounting for all financial
can be estimated. This accrual of a loss in future guarantees—those which are in effect insurance, the
periods is a change in estimate. It is not to be accounting for which is therefore to be guided by the
presented as a prior period adjustment. provisions of IFRS 4, and those which are not akin to
insurance and which are to be accounted for
Remote contingent losses- contingent losses that are consistent with IFRS 9.
deemed remote in terms of likelihood of occurrence
are not accrued or disclosed in the financial 4. The liability has been incurred due to a loss
statements. For example, every business risks loss by contingency.
fire, explosion, government expropriation or
guarantees made in the ordinary course of business.
These are all contingencies (though not necessarily FINANCIAL LIABILITY
contingent liabilities) because of the uncertainty 1. A CONTRACTUAL obligation TO DELIVER cash or
surrounding whether the future event confirming the another financial asset to another entity
loss will or will not take place. The risk of asset 2. A CONTRACTUAL obligation TO EXCHANGE
expropriation exists, but this has become less financial assets or financial liabilities with another
common an occurrence in recent decades and, in any entity under conditions that are potentially
event, would be limited to less developed or UNFAVORABLE to the entity
politically unstable nations. Unless there is specific 3. a CONTRACT that will or may be settled in the
information about the expectation of such entity’s own equity instrument and is NOT classified
occurrences, which would thus raise the item to the as the entity’s own equity instrument
possible category in any event, thereby making it
subject to disclosure, these are not normally NON-FINANCIAL LIABILITY
discussed in the financial statements. 1. A liability other than a financial liability

LITIGATION CONTINGENT LIABILITY


The most difficult area of contingencies accounting An obligation that is either:
involves litigation. Accountants must generally rely on 1. A possible obligation arising from past events, the
attorneys’ assessments concerning the likelihood of outcome of which will be confirmed only on the
such events. Unless the attorney indicates that the occurrence or non-occurrence of one or more
risk of loss is remote or slight, or that the impact of uncertain future events which are not wholly within
any loss that does occur would be immaterial to the the control of the reporting entity; or
company, the accountant will require that the entity 2. A present obligation arising from past events,
add explanatory material to the financial statements which is not recognized either because it is not
regarding the contingency. In cases where probable that an outflow of resources will be required
judgements have been entered against the entity, or to settle an obligation, or where the amount of the
where the attorney gives a range of expected losses obligation cannot be measured with sufficient
or other amounts, certain accruals of loss reliability
contingencies for at least the minimum point of the
range must be made. Similarly, if the reporting entity OFFSETTING CURRENT ASSETS WITH CURRENT
has made an offer in settlement of unresolved LIABILITIES
litigation, that offer would normally be deemed the IAS 1 states that current liabilities are not to be
lower end of the range of possible loss and, thus, reduced by the deduction of a current asset (or vice
subject for accrual. In most cases, however, an versa) unless required or permitted by another IFRS.
In practice, there are few circumstances that would the extent that these are granted to current (not
meet this requirement; certain financial instruments retired) employees.
(to the extent permitted by IAS 32) are the most
commonly encountered exceptions. As an almost POST EMPLOYMENT BENEFITS
universal rule, therefore, assets and liabilities must be -benefits payable after the completion of
shown “gross,” even where the same counterparties employment such as:
are present (e.g., amounts due from and amounts 1. Retirement benefits (e.g. pensions,
owed to another entity). lump-sum payments
2. Other post-employment benefits (e.g.
post-employment life insurance, medical
EMPLOYEE BENEFITS care)

SHORT TERM EMPLOYEE BENEFITS Types of post-employment benefit plans:


-expected to be settled wholly before 12 months after
the end of the annual reporting period in which the Defined Contribution Plan
employees render the related service -amount of contribution is definite but the benefits of
-the UNDISCOUNTED amount of short-term employees are indefinite
employee benefits expected to be paid in exchange -the contribution is fixed in each period (often
for that service is recognized by the entity: computed as a percentage of the wage and salary
1. As a liability (accrued expense), after base paid to the covered employees during the
deducting any amount paid period)
2. As an asset (prepaid expense) to the -the entity has no legal or constructive obligation to
extent that the prepayment will lead to, pay further contribution if the fund in not sufficient to
for example, a reduction in future cover the employee benefits
payments or a cash refund
3. As an expense, unless the benefit paid forms part Note:
of cost of an asset (i.e., PPE, inventories) -IAS 19 requires that contributions payable to a
defined contribution plan be ACCRUED currently,
Note: If the entity’s expectations of the timing of even if not paid by year-end
settlement change temporarily, it need not reclassify -the obligation is measured on an UNDISCOUNTED
a short-term employee benefit. basis, except where they are not expected to be
settled wholly before 12 months after the end of the
Examples of Short-Term Employee Benefits: period the employees render the related services
1. Wages, salaries and security contributions -If the amount due over a period extending more than
2. Compensated absences (paid vacation and sick one year from the end of the reporting period, the
leave) due to be settled within 12 months after the long-term portion should be discounted at a rate
end of the period applicable to high quality long-term corporate bonds
-if accumulating; recognize expense when service or to the market yields applicable to government
that increases entitlement is rendered bonds of the appropriate terms if the former rate is
Note: Accumulating paid absences may be either unavailable.
vesting (entitled for cash payment) or non-vesting -In case a plan is amended retroactively, the expenses
(not entitled for cash payments) related to past service cost is recognized in income
-if non-accumulating; recognize expense when when the related plan amendment, curtailment or
absence occur settlement occurs.
3. Profit sharing plans and bonuses payable within 12 -
months after the end of the period
-is recognized only when it has a legal or constructive Defined Benefit Plan
obligation to make such payments as a result of past
events and a reliable estimate of the expected cost
can be made
4.Non-monetary benefits such as medical and life
insurance, housing subsidies, free or subsidized goods
or services and employer-provided automobiles, to

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