ACCA FA F3 Classroom - Syllabus D9. Provisions and contingencies 9 / 10
a) Understand the definition of “provision”, “contingent liability” and “contingent asset”.
b) Distinguish between and classify items as provisions, contingent liabilities or contingent assets.
c) Identify and illustrate the different methods of accounting for provisions, contingent liabilities and contingent assets.
d) Calculate provisions and changes in provisions.
e) Account for the movement in provisions.
f) Report provisions in the final accounts.