IAS 37 Provisions, Contingent Liabilities & Contingent Assets | ACCA F3 | CMA | Financial Reporting

This video from Commerce Specialist explains IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Discussion is done regarding What are Provisions, What are Contingent Liabilities and What are Contingent Assets. Explanations are given regarding accounting treatment of Provisions, Accounting treatment of Contingent Liabilities and Accounting Treatment of Contingent Assets. Discussion is also done on Recognition criteria for Provisions, Contingent Liabilities and Contingent Assets. In the end content is on Disclosure requirements as per IAS 37.
This video is relevant for students of ACCA F3, Financial Accounting, ACCA F7, Financial Reporting, Advanced Financial Accounting, students of Various Professional Certifications, Students of Accounting, Auditors and other interested parties.
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Commerce Specialist is a Certified Management Accountant (CMA) from USA, is a Fellow of member of HEA UK, holds Certification in International Auditing from ACCA-UK, member of IFA UK and IPA Australia, also holds a Bachelors in Accounting, A teaching qualification of B.Ed., an MBA in Finance along with over 20 years’ experience of working in various MNCs in different sectors including Banking, NBFIs, Retail, Oil & Gas, Telecommunication, and top business schools, colleges and universities.
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#ias37 #contingentliabilities #contingentassets

[@SilverRose253]

You are the best lecturer in finance in the whole youtube. God knows how many videos i watched and they contain errros. Yours are impeccable. thanks for sharing

[@CommerceSpecialist]

Thanks a lot my dear

[@achileamana2535]

Kindly treat IAS 17, accounting for Leases with sufficient explanation before the workings. You are a great teacher. I have a prpfessional accounting exam to write next week

[@CommerceSpecialist]

My dear IAS 17 is no more valid, it has been replaced by IFRS 16😊

[@guledgujaco2349]

God bless you❤thanks your helping this chapter 🎉

[@CommerceSpecialist]

Ur welcome dear🙏👍

[@MuhammedCPmuhammedba]

Great sir..Very logical explanation..my request you to talk slowly with more real life examples .i have one more doubt if there is certain and more than 50% probablity on Contingent Asset....how to record it in double entry?its an asset ..so should we record possible income? So what about Prudent Concept?

[@NadiaNadia-gz2fu]

thank you so much

[@Iamgracious_daniel]

This lecture helps me a lot sir. Thank you so much.

[@CommerceSpecialist]

Ur always welcome dear🙏👍

[@cakuuleyare7730]

Thank you very much for your efforts and sacrifice. May you please make video for IAS 37 FLOW CHART

[@ninsiimasarah3895]

thank you sir

[@twinklewadhwani]

sir please make more videos on financial reporting (ACCA). your explanation is helpful

[@CommerceSpecialist]

Ok dear🙏👍

[@pradeepgovindaraju8821]

Sir please make a video on basic economics and forecasting topics on financial modeling..your explanation are easily understandable

[@mathews4265]

Thanks Sir, nicely explained. If I may suggest , could you also make videos on basics such as Provision vs Reserve, different types of financial statements and its line items explained etc.

[@cnaasirshire353]

Thanks

[@CommerceSpecialist]

🙏👍

[@diversetradingplatform6879]

Well understood

[@CommerceSpecialist]

Thx

[@vivekanandseengh3093]

Superbly explained sir. I am from Mauritius. One thing sir ,to recognise a contingent liability it should be probable n what about the reliable Measurement?🎉

[@madelights3344]

Sir please Numericals bhi Thore explain kar dain Video bana kar

[@suhanatil971]

For all the Lecturers , come and take advice , you are diamond

[@CommerceSpecialist]

Thanks a lot dear🙏👍😊

[@cnaasirshire353]

Thank you please may you enter financial instrument f7 Acca

[@tilaklamichhane6963]

Where does provision a\c debit to warranty a\c cr shown in pl account

[@Me-fg9dv]

Provition :liability side of balance sheet Warty exp:debit side(indirect exp) of p&L a/c