Presentation issues of contingent liabilities in financial statement

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Date
2019
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
Definition of recognition criteria and valuation issue for assets, liabilities, income and expenses, is presumed to result in financial statements that achieve a fair presentation. Presentation of liabilities is based on recognition, due dates and valuation opportunities. Events, resulting recognition of contingent liabilities are frequent in modern economies. Recognition and presentation in financial statement depends on different nature of current liabilities, contingent liabilities and requires special judgment. To ensure fair presentation of financial statement, it is crucial to apply appropriate recognition criteria measurement bases. The study was conducted based on IFRIC (International Financial Reporting Interpretations Committee) interpretations, issued after approval of IASB (International Accounting Standards Board), and Conceptual Framework for Financial Statements.
Description
1. ფინანსური ანგარიშგების კონცეპტუალური საფუძვლები. IFRS Foundadion 2018 https//saras.gov.- ge/ka/ifrs/pdf/80 2. ბასს 37 ანარიცხები, პირობითი ვალდებულებები, პირობითი აქტივები IFRS Foundadion 2018 https//saras.gov.ge/ka/ifrs/pdf/15 3.https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/635939/c ontingent_liability_approval_framework_guidance.pdf/19 4. ბასს 1 ფინანსური ანგარიშგების წარდგენა.IFRS Foundadion 2018.https// saras.gov.ge/ka/ifs/pdf/32 5. IAS 37 Provisions, Contingent Liabilities and Contingent Assets/1 6. https://www.pkf.com/media/10033179/ias-37-provisions-contingent-liabilities-and-contingent assets-summary/5
Keywords
Legal obligation; Constructive obligation, Contingent liability, Provision, Contingent asset
Citation
The 4th International Scientific Conference: "Challenges of Globalization in Economics and Business", Tbilisi, 2019, pp. 495-498
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