Maurice Tutor

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Category > Accounting Posted 22 Jul 2017 My Price 8.00

outflow of benefits

When the likelihood of an outflow of benefits becomes probable

After a wedding in 2012, ten people died, possibly as a result of food poisoning from products sold by the entity. Legal proceedings are started seeking damages from the entity. The entity disputes any liability and, up to the date on which its financial statements for the year ended 31 December 2012 are authorised for issue, its lawyers have advised that is probable that the entity will not be found liable. However, when the entity prepares its financial statements for the year ended 31 December 2013, its lawyers advise that, owing to developments in the case, it is probable that the entity will be found liable.

At 31 December 2012, no provision is recognised and the matter is disclosed as a contingent liability unless the probability of any outflow is regarded as remote. On the basis of the evidence available when the financial statements were approved, there is no obligation as a result of a past event.

At 31 December 2013, a provision is recognised for the best estimate of the amount required to settle the obligation. The fact that an outflow of economic benefits is now believed to be probable means that there is a present obligation. [IAS 37 Appendix C, Example 10].

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Maurice Tutor
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Status NEW Posted 22 Jul 2017 07:07 PM My Price 8.00

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