Comparison of ICDS-X, AS-29 & IndAS-37

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..... Resulting from financial instruments; (b) Resulting from executory contracts; (c) Arising in insurance business from contracts with policyholders; and (d) Covered by another ICDS. This Standard should be applied in accounting for provisions and contingent liabilities and in dealing with contingent assets, except: (a) those resulting from financial instruments that are carried at fair value; (b) those resulting from executory contracts, except where the contract is onerous; (c) those arising in insurance enterprises from contracts with policy-holders; and (d) those covered by another Accounting Standard. .....

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..... o act in an equitable manner. A provision is recognised only when a past event has created a legal or constructive obligation, an outflow of resources is probable, and the amount of the obligation can be estimated reliably. A constructive obligation is an obligation that derives from an entity's actions where, by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities; and as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities. Provisions- Discounting Simi .....

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..... ach year and adjusted to reflect the current best estimate. No guidance included No guidance included Reimbursement Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement shall be recognised when it is reasonably certain that reimbursement will be received if the entity settles the obligation. Therefore, the term virtually certain under Indian GAAP and Ind AS is replaced with reasonably certain . Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement should be recognised when, and only whe .....

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