Financial reporting suite: Provision & liabilities

This workshop will provide an overview of the accounting requirements to recognise, measure and disclose provisions and liabilities under IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”.

It will begin with a refresher on the general rules of IAS 37, before moving onto more complex areas, including restructuring, termination benefits (IAS 19), decommissioning and dismantling costs and environmental provisions.

Key topics covered:

  • Introduction and overview including scope of IAS 37
  • Provisions (IAS 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 (IAS 37)
    - Recognition criteria
    - Measurement
  • Termination benefits (IAS 19)
  • Decommissioning and dismantling costs (IAS 37)
    - Measurement and discounting
    - Changes in estimates
  • Environmental provisions (IAS 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.

Learning objectives

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


This workshop is designed for finance professionals who are involved in external reporting, financial management, financial accounting or auditing.

3 hours