HKAS37 - Provisions, Contingent Liabilities and Contingent Assets - Workshop 2017

This workshop will give you insights on the overview of HKAS 37 Provision, Contingent Liabilities and Contingent Assets. It will review issues relating to the recognition, measurement and disclosure of provision, contingent liabilities and contingent assets. It will also discuss the consistent reporting practices so to reduce the potential for earnings management.

Key topics covered:

• Objective and scope of HKAS 37
• Definitions of provision, contingent liabilities and contingent assets
• Distinguishing provision from other forms of liability
• Distinguish a contingent liability from a provision
• Recognition and measurement requirements of HKAS 37
• Analyse and discuss the accounting requirements specific to particular types of provisions
• Accounting for contingent assets
• Disclosure requirement
• Comparison between HKFRS 3 and HKAS 37 in respect of contingent liabilities

Trainer profile:

Kamsuo Wong, MA LLM MBA FCPA(Aust.) CPA(HK) CPFA (UK)

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.

Learning objectives

• Describe the background to HKAS 37
• Identify items included within the scope of the standard
• Outline the concept of a provision and how it differs from other liabilities
• Outline the concept of a contingent liability and how it differs from a provision
• Identify recognition and measurement criteria for provisions
• Outline the concept of a contingent asset
• Describe the disclosure requirements of HKAS 37
• Describe expected future developments

Audience

This workshop is suitable for accountants and finance professionals to gain knowledge of HKAS37. Those who are interested in this topic are welcome to attend.