HKAS 37 - Provisions, contingent labilites & contingent assets - Workshop 2019

The speaker will provide an overview of the accounting requirements to recognise, measure and disclose provisions and liabilities under HKAS 37 “Provisions, Contingent Liabilities and Contingent Assets”. It will begin with a refresher on the general rules of HKAS 37, before moving onto more complex areas, including restructuring provisions, termination benefits (HKAS 19), decommissioning and dismantling costs and environmental provisions.

Key topics covered:

• Provisions (HKAS 37)
  - Criteria on recognition
    Past event
    Present obligation
    Probability
    Outflow of economic benefits
  - Measurement
  - Disclosure
• Contingent assets and liabilities
  - Measurement
  - Disclosure
• Restructuring liabilities and provisions (HKAS 37)
  - Recognition criteria
  - Measurement
• Termination benefits (HKAS 19)
• Decommissioning and dismantling costs (HKAS 37)
  - Measurement and discounting
  - Changes in estimates
• Environmental provisions (HKAS 37)

Trainer profile:

Kamsuo Wong MA, LLM, MBA, FCPA(Aust.)

With three Master’s degrees under his belt, Kamsuo Wong, a candidate for a Doctorate degree of Education, is highly regarded as a multi-faceted academic backed by over fifteen years of extensive professional experience in accounting. He is a professional accountant in Hong Kong, United Kingdom and Australia and the member of Hong Kong Institute of Certified Public Accountants (CPA), Chartered Institute of Public Finance and Accountancy (CPFA), and CPA Australia (FCPA). He is also the Expert Council Advisor of International Financial Management Association. He is currently the Assistant Professor of Centennial College (an independent College established by University of Hong Kong), Adjunct Lecturer at a number of universities and tertiary education institutions.

• Understand the concepts and the structure of accounting for liabilities and provisions under HKAS 37
• Explain some of the specific application guidance under IAS 37, including decommissioning provisions, provisions for restructuring and termination benefits
• Recognise the presentation and disclosure requirements for provisions, contingent liabilities and contingent assets

This workshop is suitable for finance professionals who are involved in external reporting, financial management, financial accounting or auditing. Other users of financial information will also find the seminar beneficial.