In our Financial Reporting Faculty Community, Andy Simmonds, the chair of the FRF Board says: 'The ICAEW has supported IASB through thick and thin. That loyalty is about to be tested severely!'
IASB is in the process of finalising a project which will change our familiar accounting for provisions and contingent liabilities (IAS 37). Previously we have analysed these on the basis of most likely outcome and the best estimate of future cash flows. So an 'unlikely to happen' risk would be measured at nil.
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