ACCA FR Classroom - Syllabus B7. Provisions And Events After The Reporting Period ^{10 / 15}

a) Explain why an accounting standard on provisions is necessary.[2] 

b) Distinguish between legal and constructive obligations.[2] 

c) State when provisions may and may not be made and demonstrate how they should be accounted for.[2] 

d) Explain how provisions should be measured.[1] 

e) Define contingent assets and liabilities and describe their accounting treatment and required disclosures.[2]

f) Identify and account for:[2]
 
i)warranties/guarantees 
ii) onerous contracts 
iii) environmental, decommissioning and similar provisions 
iv) restructuring

g) Events after the reporting period:[2] 

i) distinguish between and account for adjusting and non- adjusting events after the reporting period 
ii) identify items requiring separate disclosure, including their accounting treatment and required disclosures