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Amendments to IAS 37 proposed

21 December 2018

The International Accounting Standards Board has published, for public comment, proposed amendments to IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’. The aim is to specify which costs a company should include when assessing whether a contract will be loss-making.
The proposed amendments originate from a request to the IFRS interpretations committee for clarification of which costs to include in this assessment.
A company determines that a contract will be loss-making – and describes it as onerous – if the costs the company expects to incur to fulfill the contract are higher than the economic benefits it expects to receive from it.
The Board has proposed to amend IAS 37 to specify that the costs of fulfilling a contract include both incremental costs, such as the costs of materials, and an allocation of other costs directly related to the contract, such as the depreciation charge for equipment the company uses to fulfill contracts.

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