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Provisions – International Accounting Standards Board

Date recorded:

At its meeting on January 30, 2020, the IASB met to decide whether to add to its work plan a project to amend aspects of IAS 37, and, if so, what the scope of the project should be. The Board decided to add to its work plan a project to: (i) align the liability definition and requirements for identifying liabilities in IAS 37 with the Conceptual Framework for Financial Reporting; (ii) clarify which costs to include in the measure of a provision; and (iii) specify whether the rate at which an entity discounts a provision should reflect the entity’s own credit risk. The Board decided not to include any other matters in the scope of the project. The IASB staff will develop a detailed project plan for the Board to consider at a future meeting.

Review the IASB Update and podcast on the Board's Web site.

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