Pass Your SBR ACCA Exams with Tom Clendon
Jun 19, 2026 · 18 min · 10 segments
We’re going to continue our look at IAS 37 in this episode - fantastic! We recap the three key conditions for recognising a provision, then move on to contingent assets, why prudence matters, and why…
Tom ClendonHostZakiraHost
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I can be your tutor as well if you want to contact me and sign up for my courses.
Now, I'm gonna give a very quick recap on the three conditions, because that's really at the heart of ISA 37.
There has to be a present obligation, which is legal or constructive, raised a valid past event, you know, constructive obligation, blah, blah, blah.
Um, secondly, there has to be a probable outflow of economic benefit that has to be reliably measured.
'Cause if we haven't got a reliable measure or if it's not probable, then it's going to be a contingent liability and only disclosed.
The video version is where you can see our faces, and you will also see the question on the screen.
Either way, be sure to like and subscribe, because there are plenty more in the pipeline for this series.
I can be your tutor as well if you want to contact me and sign up for my courses.
Now, I'm gonna give a very quick recap on the three conditions, because that's really at the heart of ISA 37.
There has to be a present obligation, which is legal or constructive, raised a valid past event, you know, constructive obligation, blah, blah, blah.
Um, secondly, there has to be a probable outflow of economic benefit that has to be reliably measured.
'Cause if we haven't got a reliable measure or if it's not probable, then it's going to be a contingent liability and only disclosed.
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