What is the scope of IAS 37?

IAS 37, or International Accounting Standard 37, deals with the recognition, measurement, and disclosure of provisions, contingent liabilities, and contingent assets. The scope of IAS 37 is broad, as it applies to all entities that prepare financial statements in accordance with International Financial Reporting Standards (IFRS). This includes listed companies, private companies, and non-profit organizations. The standard covers provisions, which are liabilities of uncertain timing or amount, contingent liabilities, which are possible obligations that may arise from past events, and contingent assets, which are potential assets that may arise from past events. The aim of IAS 37 is to ensure that entities recognize and disclose these items appropriately in their financial statements to provide a clear and accurate reflection of their financial position.

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