IASB will hold round-tables on IAS 37

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09 Jun 2006

As part of its due process for possible amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets, the IASB will host public round-table discussions in three locations.

In June 2005, the IASB published an Exposure Draft proposing to change the conceptual approach to recognising non-financial liabilities. All obligations that satisfy the definition of a liability in the IASB's Framework would be recognised, unless they cannot be measured reliably. Uncertainty about the amount or timing of the cost to settle a liability would be reflected in measuring the liability instead of (as is currently required) affecting whether it is recognised. Thus, some liabilities now only disclosed in the notes will be included in the balance sheet. Moreover, it would make the IASB approach more consistent with US GAAP. Comments were due 28 October 2005. The round-table panels will include constituent representatives and members of the IASB. Each round-table discussion will be open to observation by the press and public and made available on the IASB Website. IAS 37 round-table dates and locations:
  • Thursday 30 November 2006, Connecticut, United States
  • Friday 8 December 2006, London, United Kingdom
  • Wednesday 20 December 2006, Melbourne, Australia

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