IFRS for SMEs / Section 21: Provisions and Contingencies
Section 21: Provisions and Contingencies
Section 21 recognises a provision for a present obligation of uncertain timing or amount and discloses contingent liabilities that are not recognised.
Disclosures to look for
- 21.14 For each class of provision: a reconciliation, the nature of the obligation and the uncertainties.
How Sight applies it
Provisions sit on their own balance sheet line; the contingencies note is always present with default wording.
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